REBOSIS PROPERTY FUND LIMITED - Update Announcement: Category 2 Transaction

Release Date: 18/06/2018 16:32
Code(s): REB REA
 
Wrap Text
Update Announcement: Category 2 Transaction

REBOSIS PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2010/003468/06)
 JSE share codes:
 REA ISIN: ZAE000240552
 REB ISIN: ZAE000201687
(Approved as a REIT by the JSE)
(“Rebosis” or ”the Company”)


UPDATE ANNOUNCEMENT: CATEGORY 2 TRANSACTION RELATING TO DISPOSAL OF PORTFOLIO OF
PROPERTIES TO BOXWOOD PROPERTY INVESTMENT FUND


Rebosis shareholders (“Shareholders”) are referred to the announcement published 
on 15 May 2018 (“Transaction Announcement”) in terms of which Shareholders were 
advised that Ascension Properties Limited, a direct subsidiary of the Company, 
had concluded an agreement with Boxwood Property Investment Fund ("Purchaser"), 
in terms of which the Purchaser would acquire the property letting enterprises in 
respect of the properties known as 14 Long Street, 45 on Castle, Bergstan 
Building, Matrix Building, Nedbank Building and Rebosis House (“Properties”) for
an aggregate consideration of R888 000 000 (inclusive of VAT at zero percent) 
(“Disposal”).

Shareholders are advised that the requisite due diligence investigation has been
duly completed. The only outstanding conditions precedent are (i) the Purchaser 
obtaining debt finance for the acquisition of 45 on Castle and Rebosis House by 
no later than 25 June 2018, (ii) the waiver of a right of first refusal by one 
tenant in respect of the buildings which it currently occupies by no later than 
16 July 2018; and,(iii) by no later than 24 August 2018, the Disposal being 
approved unconditionally by the competition authorities in terms of the 
Competition Act, No. 89 of 1998 or, in the event of a conditional approval, on 
terms acceptable to the parties to the Disposal. The anticipated effective date 
of the Disposal is 10 September 2018, being the expected date of transfer of the
Properties.


Johannesburg
18 June 2018

Sponsor
Nedbank Corporate and Investment Banking

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