VUNANI LIMITED - Voluntary announcement of the award for the purchase and lease of certain immovable properties by City of Cape Town

Voluntary announcement of the award for the purchase and lease of certain immovable properties by City of Cape Town

VUNANI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/020641/06)
JSE code: VUN
ISIN: ZAE000163382
(“Vunani” or “the Vunani Group”)


VOLUNTARY ANNOUNCEMENT OF THE AWARD FOR THE PURCHASE AND LEASE OF
CERTAIN IMMOVABLE PROPERTIES BY THE CITY OF CAPE TOWN

Vunani wishes to advise shareholders that in line with its stated long-
term investment strategy, K2015298271 (South Africa) (Pty) Ltd (“Propco”),
a property investment company owned jointly by Vunani and its property
investment partners has been awarded a tender to purchase and lease certain
immovable property by the City of Cape Town.

On 27 September 2017 the City of Cape Town informed Propco that subject
to a 21-day appeal period as required by the Municipal Systems Act it had
been awarded a tender (“the Clifton Property Tender”) for the purchase and
lease of Erf 468 Clifton, a portion of the remainder Erf 148 Clifton,
portions of remainder Erf 345 Clifton, and a portion of remainder Erf 4
Camps Bay, for the redevelopment of sports and recreation facilities, the
development of residential opportunities, a parking garage, retail
facilities and uses ancillary to these facilities (“the Clifton Property
Transaction”).The Clifton Property Transaction comprises of approximately
16 hectares of land located between Clifton and Glen Beach, in the City
of Cape Town. Approximately 5 hectares of which are available for
redevelopment, to comprise of own title erven and a 50-year lease portion
comprising of a boutique hotel, retail and commercial development.

Following the elapse of the above mentioned 21-day appeal period Propco
has received further correspondence from the City of Cape Town to the
effect that there were no appeals lodged against the award of the Clifton
Property Tender.

Propco is now required to enter into a pre-sale/lease agreement with the
City of Cape Town and at its cost prepare a package of plans for submission
to the City of Cape Town to obtain the required statutory approvals, inter
alia, rezoning & subdivision, environmental and heritage authorisations
for the proposed development. It is envisaged that the necessary approvals
shall take between 12 and 24 months to be obtained.

Until the necessary approvals set out above have been obtained and the
respective agreements entered into with the City of Cape Town, the
financial impact of the award of the Clifton Property Tender on Vunani
cannot be accurately determined.


Sandton
31 October 2017

Designated Adviser
Grindrod Bank Limited

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