Sharenet Sites 
Sharenet Sites
IPF - Investec Property Fund Limited - Voluntary announcement regarding the acquisition of Nonquebela Mall Link INVESTEC PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2008/011366/06) Share code: IPF ISIN: ZAE000155099 ("Investec Property Fund" or "the Fund") VOLUNTARY ANNOUNCEMENT REGARDING THE ACQUISITION OF NONQUEBELA MALL LINK 1 Introduction Linked unit holders are hereby advised that Investec Property Fund has entered into an agreement to acquire the Nonquebela Mall Link property in Khayelitsha, Western Cape, ("the Property") from Bakoro Capital Partners Proprietary Limited for R100,5 million ("the Purchase Consideration") ("the Proposed Transaction"). 2 Payment of the purchase consideration The Purchase Consideration will be funded by debt. 3 Rationale for the Proposed Transaction The Proposed Transaction is consistent with the Fund`s objective to build a quality portfolio of properties with strong contractual cash flows to enhance its retail component in order to achieve value enhancement and sustainable distributions to unitholders. Given that the tenant profile comprises 94% national retailers on a GLA basis, which amounts to 88% of contractual rental, the Property is being acquired at a yield of 9.02%, which the directors believe offers good value. 4 Description of the Property The Property is located between the suburbs of Victoria Merge and Village 3, North Khayelitsha and is located just off Bonga Drive (M45). The mall is +/-28km by road from Cape Town CBD and +/- 15km from Cape Town International Airport. It is also located immediately adjacent to Nonquebela train station as well as the Nonquebela taxi rank and bus terminal. The Property is a retail mall providing a Gross Lettable Area ("GLA") of 7,778 mSquared. the retail centre is 100% let whilst the upper level is under negotiation with Medicross for a 5 year lease to operate a clinic. Payment for the upper level will trigger only on commencement of Mediross`s trading. 5 Conditions precedent The Proposed Transaction remains subject to the fulfillment of the condition that within 120 days from 7 June 2012 the Proposed Transaction is approved by the Competition Commission. 6 Financial effects As the Purchase Consideration will be funded by debt, the Proposed Transaction will not have a material effect in the first year as it does not contribute more than 3% to the pro forma distribution per linked unit, pro forma earnings per linked unit, pro forma headline earnings per linked unit, pro forma net asset value per linked unit or pro forma tangible net asset value per linked unit of the Fund. Johannesburg 21 June 2012 Investment Bank and Attorneys Sponsor (Fluxmans logo) (Investec Corporate Finance logo) Date: 21/06/2012 14:30:00 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.
