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Sharenet Sites
Proposed acquisitions of Sunnypark Shopping Centre and an industrial warehouse and cautionary announcement
REBOSIS PROPERTY FUND LIMITED
Registration number 2010/003468/06
JSE code: REB ISIN: ZAE 000156147
(“Rebosis” or “the company”)
PROPOSED ACQUISITIONS OF SUNNYPARK SHOPPING CENTRE AND AN INDUSTRIAL WAREHOUSE AND CAUTIONARY ANNOUNCEMENT
INTRODUCTION
Linked unitholders are advised that Rebosis has concluded an agreement for the acquisition (“the Sunnypark
acquisition”) of a letting enterprise in respect of and including a property known as the Sunnypark Shopping Centre
(“Sunnypark” or “the property”) from the Centre of the Sun Properties (Proprietary) Limited (“the seller”).
RATIONALE FOR THE SUNNYPARK ACQUISITION
The Sunnypark acquisition is consistent with Rebosis’ strategy of acquiring large high-quality and dominant retail
properties yielding secure capital and income returns for linked unitholders.
The property is a multi-tenanted shopping centre occupied by the following defensive anchor tenants: Shoprite
Checkers, Woolworths, the Foschini Group, the Truworths Group, Clicks, Spur and Virgin Active. This quality
property is located in a well-established residential and growing office node, dominating retail around the eastside of
the Pretoria CBD.
The Sunnypark acquisition will add critical mass to Rebosis’ property portfolio and further diversify the company’s
retail income streams.
TERMS OF THE SUNNYPARK ACQUISITION AND CONDITIONS PRECEDENT
The purchase consideration payable by Rebosis for the property is R572.9 million. Payment of the purchase
consideration will be settled in cash. If the property is not transferred by 1 March 2013 (“Escalation Date”), the
purchase consideration for the Sunnypark acquisition will be increased by 0.6458% (compounded monthly in arrears)
up to and including the date of transfer and will be prorated for that portion of the month during which transfer is
effected.
The Sunnypark acquisition will be with effect from the date of transfer of ownership of Sunnypark into Rebosis’
name.
Zenprop Property Holdings (Proprietary) Limited (“Zenprop”), the holding company of the seller, has provided
Rebosis with a rental guarantee of R4.44 million for a period of 12 months from the date of transfer of the property.
Zenprop has undertaken to conclude a 24 month head lease with the seller for R125 000 per month in respect of vacant
space, before the due diligence is completed. The head lease commences on the Escalation Date and escalates at a rate
of 0.6458% per month on the anniversary of the Escalation Date for the period of the head lease.
Sunnypark is part of a sectional title scheme. The sectional title scheme also includes a hotel and residential
apartments which do not form part of the Sunnypark acquisition.
The purchase agreement provides for warranties and indemnities that are standard for acquisitions of this nature.
The Sunnypark acquisition is subject to fulfilment or waiver of the following suspensive conditions:
- the Rebosis board confirming in writing to the seller on or before 23 December 2012 that it is satisfied with the
outcome of the due diligence of the property and provides its approval for the conclusion and implementation of
the Sunnypark acquisition; and
- receiving unconditional approval from the Competition Authorities by no later than 1 May 2013.
DETAILS OF THE PROPERTY
Sunnypark, situated in Pretoria in Gauteng, is a retail centre with 24 318 square metres of retail space including space
for the Virgin Active gym, 3 179 square metres of office space and 608 parking bays in respect of the retail and office
components. The weighted average rental per square meter of Sunnypark is R132 per square metre.
The board is satisfied that the value of the property is in line with the purchase consideration being paid for it by the
company. The directors of the company are not independent and are not registered as professional valuers or as
professional associate valuers in terms of the Property Valuers Profession Act, No 47 of 2000.
CATEGORISATION OF THE SUNNYPARK ACQUISITION AND CAUTIONARY ANNOUNCEMENT
The Sunnypark acquisition constitutes a category 2 transaction in terms of the JSE Listings Requirements and
accordingly does not require approval by linked unitholders.
Linked unitholders of Rebosis are advised to exercise caution when dealing in their linked units until the financial
effects of the Sunnypark acquisition are announced.
ACQUISITION OF AN INDUSTRIAL WAREHOUSE
Rebosis has concluded an agreement for the acquisition of a letting enterprise in respect of and including a property
(“the Antalis property”) for a purchase price of R120 million from Stonibut Trading and Invest 13 (Proprietary)
Limited (“the Antalis acquisition”).
The Antalis acquisition is consistent with Rebosis’ strategy of acquiring large high-quality and defensive commercial
properties yielding secure capital and income returns for linked unitholders.
The Antalis property is a specialised single tenanted industrial warehouse with a gross lettable area of 18 729m2. The
Antalis property is occupied by Antalis SA (Proprietary) Limited (”Antalis SA”) which is a leading distributor of
graphic equipment and paper communications support materials in South Africa, at a net rental (including parking) of
R51.66 per square metre. Antalis SA has occupied the property since 1995 and the current triple net lease, which is
underpinned by the international parent company, listed on the Paris Stock Exchange, expires on 31 December 2019.
The Antalis property is strategically located in a light industrial node in Selby, Johannesburg with great connectivity
to key highways and provides additional bulk for future tenant driven expansions.
The Antalis acquisition will add critical mass to Rebosis’ property portfolio and further diversify the
company’s income streams.
The Antalis acquisition is not categorisable in terms of the JSE Listings Requirements and the announcement of this
transaction is made for information purposes.
15 November 2012
Sponsor
Java Capital
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