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GREENBAY PROPERTIES LIMITED - Disposal of the Tivoli Development

Release Date: 09/03/2018 14:45
Code(s): GRP     PDF:  
Wrap Text
Disposal of the Tivoli Development

GREENBAY 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” or “the Company”)


DISPOSAL OF THE TIVOLI DEVELOPMENT


Shareholders are referred to the announcement dated 28 July 2016, wherein Greenbay advised of the conclusion of an
agreement with Tivoli Projekt d.o.o. in terms of which the Company acquired 9,932m2 of development land situated in
Ljubljana, Slovenia (“the land”). The intention of the Company at the time was to develop the land into a multi-purpose
development comprising 127 premium apartments, 3,257m2 of high street retail and 3,864m2 of A grade offices.

The Company has subsequently designated the land as a non-core investment, and on 8 March 2018 closed an agreement
to dispose of the land for a total consideration of € 16.2 million, which amount is € 2.3 million above the book value of
the land as at 31 December 2017.

Greenbay, along with other unknown participants, is in the final phase of the bidding process for a substantial direct
infrastructure opportunity. The Company intends to utilise the proceeds of the land disposal for this opportunity, and
will announce additional details of the acquisition, if successfully concluded. In addition, Greenbay is in active
discussions on further direct infrastructure opportunities.

The Company has primary listings on both the Official Market of the SEM and the Main Board of the JSE.



By order of the Board

9 March 2018

This notice is issued pursuant to SEM Listing Rule 11.3 and Rule 5(1) of the Securities (Disclosure Obligations of
Reporting Issuers) Rules 2007. The Board accepts full responsibility for the accuracy of the information in this
announcement.

For further information please contact:


                                            SEM authorised representative
             JSE sponsor                                                                 Company Secretary
                                                   and sponsor

            Java Capital                         Perigeum Capital                     Intercontinental Trust    

        Tel: +27 11 722 3050                    Tel: +230 402 0890                      Tel: +230 403 0800

Date: 09/03/2018 02:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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