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Financial effects in respect of three prime shopping centres in Germany and cautionary announcement
REDEFINE PROPERTIES INTERNATIONAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2010/009284/06)
JSE share code: RIN ISIN: ZAE000149282
(“RIN” or “the company”)
FINANCIAL EFFECTS IN RESPECT OF THREE PRIME SHOPPING CENTRES IN GERMANY AND
CAUTIONARY ANNOUNCEMENT
INTRODUCTION
Linked unitholders are referred to the announcements released on SENS on 14 August 2013 and 2 September 2013
regarding the acquisition of the entities which own three prime shopping centres in Berlin, Hamburg and Ingolstadt in
Germany (“the Properties”) from various funds managed by CMC Capital Limited (“the Transaction”).
The purpose of this announcement is to set out the financial effects of the Transaction.
FORECAST FINANCIAL INFORMATION OF THE TRANSACTION
Set out below are the forecast rental revenue, operating profit, net profit after taxation and distributable earnings of the
Properties for the year ending 31 August 2014 and the year ending 31 August 2015 (“the forecasts”). The forecasts have
been prepared following the completion of the Transaction on 30 August 2013.
The forecasts, including the assumptions on which they are based and the financial information from which they are
prepared, are the responsibility of the directors of RIN. The forecasts have not been reviewed or reported on by the
company’s auditors or independent reporting accountants.
The forecasts presented in the table below have been prepared in accordance with the company’s accounting policies and
in compliance with IFRS.
Year ending 31 August 2014 Year ending 31 August 2015
GBP’000 GBP’000
Contractual rental income 9 227 8 755
Operating profit* 7 758 7 126
Net profit after taxation* attributable to:
RIN shareholders 2 642 2 274
Non-controlling interest 1 372 1 181
4 014 3 455
Distributable earnings 2 642 2 274
* Includes the effect of investment adviser fees.
The forecasts incorporate, inter alia, the following material assumptions:
1. Contracted revenue is based on existing lease agreements.
2. Uncontracted revenue comprises 0.9% and 9.9% of gross rental revenue for the year ending 31 August 2014 and
the year ending 30 August 2015 respectively. On expiry of the leases during the forecast periods, a void period of
between 3 to 6 months has been assumed in calculating the uncontracted rental revenue.
3. All existing lease agreements are valid.
4. The purchase consideration for the Transaction is approximately GBP 42.6 million (including acquisition costs),
reflecting a valuation of the Properties of GBP 161.2 million. The group assumed GBP 121.7 million of third party
interest-bearing borrowings as part of the Transaction. These interest-bearing borrowings incur interest at a
weighted average fixed rate of 3.12% p.a.
5. GBP 29.2 million of the purchase consideration was funded in cash, of which GBP 16.8 million was raised through
a placing of 40 million new Redefine International P.L.C. (“RI PLC”) shares as announced on 23 August 2013.
RIN acquired 20 million of the new RI PLC shares taking its aggregate shareholding in RI PLC to 64.05% from 65.46%.
The balance of the purchase consideration of GBP 12.9 million is funded from the issue of 32.2 million new RI PLC
shares to CMC Capital Limited.
6. No fair value adjustments to the Properties have been provided for in respect of the year ending 30 August 2014 or
the year ending 30 August 2015.
7. In terms of the investment adviser agreement with Redefine International Property Managers Limited (“the
investment adviser”), RI PLC will pay the investment adviser an annual fee of approximately GBP 806 314, being
a fee equivalent to 0.5% of the gross value of the Properties.
8. RI PLC will pay the property manager annual fees of approximately GBP 456 485 (of which GBP103 965 are non-
recoverable), for all property management services, being a fee equivalent to 4.9% (1.1% non-recoverable) of gross
monthly income collected.
9. Debenture interest will be paid to linked unitholders in accordance with the provisions of RIN’s debenture trust
deed.
10. A GBP:EUR exchange rate of GBP1.00:EUR1.172 has been assumed to apply.
UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE TRANSACTION
The unaudited pro forma financial effects of the Transaction on RIN’s net asset value and tangible net asset value per
linked unit, based on the unaudited condensed consolidated statement of financial position as at 28 February 2013, are not
significant and have not been presented.
CAUTIONARY
Linked unitholders are referred to the cautionary announcement dated 14 August 2013 and are advised that following the
release of the financial effects of the Transaction, caution is no longer required to be exercised by linked unitholders in
respect of the Transaction when dealing in their linked units.
Linked unitholders are however, referred to the announcement dated 18 July 2013 and are advised to continue to exercise
caution until such time as a further announcement is released in regard to the second significant acquisition.
26 September 2013
Sponsor to Redefine Properties International Limited
Java Capital
Date: 26/09/2013 02:36:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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