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Announcement regarding the acquisition of properties
INGENUITY PROPERTY INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/018084/06)
ISIN: ZAE 000127411 JSE share code: ING
(“Ingenuity” or “the Company”)
ANNOUNCEMENT REGARDING THE ACQUISITION OF PROPERTIES
A. ACQUISITION OF TWO PROPERTIES IN CLAREMONT, CAPE TOWN
1. Introduction
Ingenuity shareholders are advised that the Company has entered into an offer to purchase (“the Offer”)
with NPV Holdings (Proprietary) Limited (“the Seller”), in terms of which Ingenuity will acquire the rental
enterprises, including their improvements and leases, in respect to Erf 57529 and Erf 172704 Claremont
(“the Properties”) situated at Claremont, Cape Town (“the Acquisition”) and known as Toffee Lane and
Claremont Central respectively.
The Acquisition will become effective on transfer which is expected to be on or about 1 August 2015
(“the Effective Date”).
2. Rationale for the Acquisition
The Properties have been acquired in line with the Company’s strategy to invest in value add
opportunities and to acquire properties with further development potential. The Properties are adjacent
to properties already owned by the Company and results in consolidating ownership of an entire
strategically situated block, bounded by Main Road, Vineyard Road, Dreyer Street and Toffee Lane in
2
Claremont. The additional bulk available on the Toffee Lane property is 4 042m .
3. Consideration for the Acquisition
The total consideration for the Acquisition is R105 000 000 (“the Purchase Consideration”).
The Purchase Consideration will be settled by Ingenuity in cash, with the option to issue shares to settle
the Purchase Consideration via a vendor consideration placing to individuals or entities approved by
Ingenuity as soon as possible after the Effective Date.
4. Conditions precedent
The Acquisition is subject to the fulfilment of the following conditions precedent by 30 June 2015:
4.1 Ingenuity board approval;
4.2 mortgage finance approval on terms acceptable at the sole discretion of Ingenuity; and
4.3 Ingenuity being satisfied in their sole discretion with the results of a comprehensive due
diligence.
5. Property specific information relating to the Properties
Property Location Sector Land Gross Single Weighted Purchase Value of
Extent lettable or average Consideration the
m2 area Multi- net rental Rm Properties
m2 tenant per m2 Rm (1) (2)
ed R
Erf 57529 18 Toffee Office 1 602 1 345 Multi 42.34 20 20
Claremont Lane, Retail 862 52.00
Claremont Storage 259 40.00
Sub-total 2 466
Erf 172704 8 Vineyard Office 926 2 829 Multi 104.61 85 85
Claremont Road, Retail 434 218.19
Claremont Parking 53 bays 1 189
per bay
Sub-total 3 263
2 528 5 729 105 105
1. No independent valuation has been performed on the Properties. The value attributed to the Properties has been derived at by the directors of
the Company using the capitalisation of rental method.
2. No value has been attributed to the additional bulk on the Toffee Lane property.
6. Value of net assets and profits attributable to the net assets of the Acquisition
The value of the net assets that are the subject of the Acquisition is R105 million and the profits
attributable to the net assets that are the subject of the Acquisition are R8.25 million for the first year
following the Effective Date.
7. Categorisation of the Acquisition
The Acquisition is a Category 2 transaction in terms of JSE Listings Requirements.
B. VOLUNTARY DISCLOSURE REGARDING OTHER ACQUISITIONS
1. THE RAMSAY MEDIA BUILDING, PINELANDS, CAPE TOWN
Ingenuity shareholders are also advised that the Company has entered into an offer to purchase with
Dalhousie Investment Company Proprietary Limited in terms of which Ingenuity will acquire the rental
enterprise, including improvements and lease, in respect to Erf 3549 and Erf 2441 Cape Town, situated
at 3 Howard Drive, Pinelands and collectively known as the Ramsay Media Building (“the Ramsay
Acquisition”).
The Ramsay Acquisition, is subject to the fulfilment of certain conditions precedent by 30 June 2015, and
will become effective on transfer which is expected to be on or about 1 September 2015.
The total purchase consideration for the Ramsay Acquisition is R25 500 000 (“the purchase price”) and
will be settled by Ingenuity in cash, with the option to issue shares to settle the purchase price via a
vendor consideration placing to individuals or entities approved by Ingenuity.
2. THE HARLEY DAVIDSON BUILDING, SANDTON, GAUTENG
Ingenuity shareholders are further advised that the Company has purchased the rental enterprise,
comprising the property and all improvements and lease, from K2011103856 Proprietary Limited, in
respect to Portion1 of Erf 963, Morningside Extension 35, Sandton, situated at 167 Rivonia Road,
Sandton and known as the Harley Davidson Building. The total purchase consideration was R40 500 000
and was settled by Ingenuity in cash utilising loan funding and own cash resources. Transfer of the
property was registered on 11 May 2015.
Both these acquisitions fall below the categorisation thresholds of the JSE Listings Requirements and
these disclosures are made on a voluntary basis.
8 June 2015
Cape Town
Investment bank and Sponsor
Nedbank
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