Wrap Text
Resilient/Greenbay - Acquisition of Forum Coimbra and Forum Viseu and withdrawal of Greenbay cautionary
GREENBAY PROPERTIES LTD
(Formerly known as Green Flash Properties Ltd)
(Incorporated in the Republic of Mauritius on 14 August 2014)
(Registration number C124756 C1/GBL)
SEM share code: GFP.N0000
JSE share code: GRP
ISIN: MU0461N00007
(“Greenbay”)
RESILIENT REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/016851/06)
JSE share code: RES ISIN: ZAE000209557
(Approved as a REIT by the JSE)
(“Resilient”)
ACQUISITION OF FORUM COIMBRA AND FORUM VISEU AND WITHDRAWAL OF GREENBAY CAUTIONARY
Shareholders are advised that Resilient and Greenbay have concluded a binding agreement to acquire
Locaviseu – Sociedade de Gestao de Imoveis, S.A, the holding company of Forum Coimbra and Forum
Viseu, from RPPSE Holding BV managed by CBRE Global Investors on a 50:50 shareholding basis for an
aggregate cash consideration of €219,25 million (“the transaction”).
Greenbay sourced and concluded the transaction and brought Resilient in as a 50% partner due to the size of
the investment and to access the retail and development expertise of Resilient for the malls acquired and in
order to be positioned to access further development opportunities in Portugal.
Forum Coimbra
Forum Coimbra in the city of Coimbra, Portugal (“Forum Coimbra”) opened in April 2006 and is the
dominant regional mall in the Centro Region of Portugal. This 51 489m2 GLA modern, third generation mall
provides a comprehensive retail and entertainment offering over three levels, served by a structured car park.
The mall has excellent transport links connecting it to both the city and the region.
Forum Coimbra is fully let to 146 major international and national tenants including Primark, H&M, C&A,
and eight Inditex brands including Zara, Massimo Dutti and Lefties. The mall’s entertainment offering
includes a six screen cinema, ten pin bowling and a large food court. The 17 700m2 hypermarket,
Continente, included in the total GLA is separately owned by Sonae Sierra and is not included in this
transaction.
The three-year compound annual growth in turnover was 4,9% and tenant demand exists for an extension
that will be further evaluated in due course.
Forum Viseu
Forum Viseu is in the city centre of Viseu, Portugal (“Forum Viseu”) and opened in September 2005. This
18 705m2 GLA shopping centre is let to 48 major international and national tenants including Pingo Doce,
Sacoor, Cinema Nos and Inditex brands Zara, Massimo Dutti, Bershka, Pull & Bear, Lefties, Stradivarius
and Oysho.
The three-year compound annual growth in turnover was 4,4%. Forum Viseu’s immediate catchment area is
approximately 100 000 people.
Salient terms of the transaction
The initial yield on the aggregate cash consideration of €219,25 million is approximately 6,0%. A five-year
debt facility of €104,5 million at 3-month Euribor plus 2,15% has been secured against the assets.
The transaction is subject to various conditions precedent usually associated with transactions of this nature.
Greenbay dividend guidance for 2017 and 2018
Greenbay confirms its guidance for the year ended September 2017 of a dividend of approximately 0,40
GBP pence per share. For the year ended September 2018, Greenbay expects growth in dividends of
approximately 25%.
This guidance is based on the assumptions that a stable macro-economic environment prevails and no major
corporate failures occur. The forecast underlying the guidance has not been audited or reviewed by
Greenbay’s auditors and is the responsibility of the board of Greenbay.
Categorisation of the transaction and withdrawal of Greenbay cautionary
The transaction is not categorisable for Resilient in terms of the JSE Listings Requirements and is not
subject to approval by Resilient shareholders.
The transaction is considered as an acquisition in the ordinary course of business of Greenbay and will not
trigger the provisions of Chapter 13 of the Listing Rules of the Stock Exchange of Mauritius Limited
(“SEM”). Accordingly, the transaction is not subject to approval by Greenbay shareholders.
Following the release of this announcement, the Greenbay cautionary announcement renewed on
10 February 2017 is withdrawn and caution is no longer required to be exercised by Greenbay shareholders
when dealing in Greenbay shares.
If you are a Greenbay shareholder, for further information please contact:
JSE sponsor
Java Capital
Tel: +27 11 722 3050
SEM authorised representative and sponsor
Perigeum Capital
Tel: +230 402 0890
Company secretary
Intercontinental Trust Ltd
Tel: +230 403 0800
If you are a Resilient shareholder, for further information please contact:
JSE sponsor
Java Capital
Tel: +27 11 722 3050
16 March 2017
This notice is issued pursuant to JSE Listings Requirements, SEM Listing Rule 11.3 and Rule 5(1) of the Securities (Disclosure
Obligations of Reporting Issuers) Rules 2007.
The boards of directors of Resilient and Greenbay accept full responsibility for the accuracy of the information in this
announcement.
Resilient has a primary listing on the main board of the JSE Limited. Greenbay has a primary listing on the SEM and a secondary
listing on the AltX of the JSE Limited.
Date: 16/03/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
