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Disposal of property letting enterprise
TOWER PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2012/066457/06)
JSE share code: TWR ISIN: ZAE000179040
(Approved as a REIT by the JSE)
(“Tower” or the “company”)
DISPOSAL OF PROPERTY LETTING ENTERPRISE
Introduction
Shareholders are advised that Tower has concluded an agreement for the disposal of the property letting enterprise in
respect of the property situated at 73 Hertzog Boulevard, Cape Town (the “property”) to the Kia Joy Trust (“Kia
Joy” or the “purchaser”) for an aggregate consideration of R111 000 000 (exclusive of VAT at zero percent) (the
“disposal”).
The property is no longer core to Tower’s strategy and the disposal will also enable Tower to focus on its pipeline of
acquisitions which allow for higher and more sustainable growth. The proceeds of the disposal will be used, initially,
to reduce the existing debt of Tower.
Terms of the disposal
Kia Joy will acquire the property letting enterprise, which includes the property, with effect from the date of
registration of transfer of the property into Kia Joy’s name (the “transfer date”). The sale consideration for the
property letting enterprise will be payable in cash on the transfer date.
The disposal remains conditional upon:
- the purchaser being satisfied with the outcome of its due diligence investigation;
- the purchaser obtaining debt finance for 75% of the sale consideration payable for the disposal;
- Tower receiving a bank guarantee securing payment of the sale consideration for the disposal;
- approval of the Competition Authorities in terms of the Competition Act, No 89 of 1998.
The disposal agreement includes warranties, undertakings and indemnities which are normal for a disposal of this
nature.
Property specific information
The property specific information required in terms of the JSE Listings Requirements in relation to the property, is set
out below.
Property name and address 73 Hertzog Boulevard, Cape Town
Sector Mixed use
Geographical location Western Cape
Rentable Area (m2) 5 494m2
Weighted Average rental per m2 R145.49/m2
Value attributed to the property R111 000 000
Net operating income ([1 April 2016 to R9 342 510
31 March 2017)
No independent valuation has been carried out and the board of directors of Tower is of the view that the value
attributed to the property above represents the value of the property disposed of.
The value of the net assets being disposed of in terms of the disposal, being the value attributed to the property, is
R111 000 000.
Categorisation of the disposal
The disposal is classified as a Category 2 transaction in terms of the JSE Listings Requirements. It is not subject to
approval by Tower shareholders.
15 January 2016
Sponsor
Java Capital
Date: 15/01/2016 04:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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