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NEW FRONTIER PROPERTIES LIMITED - Acquisition of UK retail property

Release Date: 28/09/2015 09:19
Code(s): NFP     PDF:  
Wrap Text
Acquisition of UK retail property

New Frontier Properties Ltd
(Incorporated in the Republic of Mauritius on 5 June 2014)                      
(Registration number 123368C1/GBL)
SEM share code: NFP.N000
JSE share code: NFP
ISIN: MU0453N00004
(“New Frontier” or “the Company”)


ACQUISITION OF UK RETAIL PROPERTY


The board of directors of New Frontier is pleased to announce that the Company has acquired the retail
shopping centre known as Houndshill Shopping Centre located in Blackpool, United Kingdom from a third
party vendor, for an approximate aggregate consideration of £105 million (“Acquisition”).

Houndshill Shopping Centre is a modern, fully covered shopping centre and is the dominant centre in
Blackpool. Blackpool is a popular seaside location, with approximately 13 million visitors a year.
Houndshill Shopping Centre comprises 302,339 sq ft, with 65 retail units and 750 car parking spaces. The
centre is anchored by Debenhams, with other major retailers including New Look, River Island, Next and
H&M. Approximately 77% of the income is secured against national tenants, including those mentioned
above, and the Weighted Average Unexpired Lease Term is 8.5 years. The centre offers a number of asset
management opportunities.

The Acquisition will be funded through a combination of debt funding, in the sum of approximately
£59.7 million, which has been secured from Deutsche Pfandbriefbank AG in the United Kingdom, and
equity funding through the proceeds of the recent private placement of New Frontier shares.

The Acquisition constitutes an undertaking in the ordinary course of business of New Frontier and therefore
does not fall under the scope of Chapter 13 of the SEM Listing Rules requiring a publication of a circular or
shareholder approval.

New Frontier has its primary listing on the SEM and a secondary listing on the Alternative Exchange of the
JSE.


JSE sponsor
Java Capital                                                    +27 11 722 3050

Company secretary
Osiris Corporate Solutions (Mauritius) Limited                  +230 650 4030


28 September 2015

This announcement is issued pursuant to SEM Listing Rules 11.3 and the Securities Act 2005 of Mauritius. The board
of directors of New Frontier Properties Ltd accepts full responsibility for the accuracy of the information contained in
this announcement.

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