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FPT - Fountainhead Property Trust - Voluntary announcement regarding Fountainhead`s acquisition of Centurion Boulevard Fountainhead Property Trust A Collective Investment Scheme in property registered in terms of the Collective Investment Schemes Control Act, No.45 of 2002 and managed by Fountainhead Property Trust Management Limited (Registration number 1983/003324/06) Share code: FPT ISIN code: ZAE000097416 ("Fountainhead") VOLUNTARY ANNOUNCEMENT REGARDING FOUNTAINHEAD`S ACQUISITION OF CENTURION BOULEVARD 1. INTRODUCTION Unitholders are advised that Fountainhead has concluded an agreement for the acquisition of Centurion Boulevard, namely Portion 4 of erf 51 Verwoerdburgstad measuring 25,755 m2. The seller of the property is Sanlam Life Insurance Limited. The property is located in the heart of the Centurion CBD, easily accessible from the N1 and N14 highways. It is attached to Centurion Mall, and is marketed as forming part of the Centurion Mall super-regional shopping centre. 2. THE ACQUISITION 2.1 Rationale The acquisition is in line with Fountainhead`s strategy of acquiring quality retail assets which are located in strong retail nodes and possess good future growth prospects. Management believes that there are further opportunities available to enhance the value of the property, such as optimising the tenant mix and also benefitting from synergies created by using the existing Centurion Mall property management team to manage the property. 2.2 Consideration and terms of the agreement The total purchase price is R366 million at an 8.2% initial yield. The purchase price will be debt financed and is initially expected to be neutral to earnings. The effective date of the acquisition is 1 March 2012. In terms of the Listings Requirements of the JSE Limited, the transaction falls below the threshold for a categorised transaction. 2.3 Details of the property The total rentable area of the property is 20,270 m2 at a weighted average gross rental of R155 per m2 as from 1 March 2012. The weighted average rental escalation by rentable area for the property is approximately 8%. 31 January 2012 Cape Town Sponsor The Standard Bank of South Africa Limited Date: 31/01/2012 08:00:38 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
