TREMATON CAPITAL INVESTMENTS LIMITED - Disposal of a 50% interest in various sectional title units in Northgate Island, Cape Town

Disposal of a 50% interest in various sectional title units in Northgate Island, Cape Town

Trematon Capital Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1997/008691/06
Share code: TMT
ISIN: ZAE000013991
("Trematon" or "the company")



DISPOSAL OF A 50% INTEREST IN VARIOUS SECTIONAL TITLE UNITS IN
NORTHGATE ISLAND, CAPE TOWN

1.      Introduction

Shareholders are advised that Trematon via the Tremtrust 1 Trust, a trust which is 50%
held by Trematon’s 60% held subsidiary, Aria Property Group Proprietary Limited
(“Aria”) and 50% held collectively by various Trusts and individual beneficiaries
(“Tremtrust”), has entered into an agreement in terms of which it has disposed of its
units and the letting enterprise conducted therein, in the corporate sectional title
development scheme known as Northgate Island (“the Units”) to Spear Reit Limited
(“Spear”) (“the Disposal”).

2.      Details of the units

The Units are situated in Northgate Island, at the corner of Koeberg Road and Section
Street, Cape Town, and comprise sectional title retail and office space units totalling 17
002 square metres.

3.      Rationale for the disposal

Trematon is an investment holding company that invests in assets and businesses
which management believes are undervalued and have the potential to achieve
targeted internal rates of return. The disposal is in line with Aria’s investment strategy
of acquiring underperforming assets based in the Western Cape, adding value and
optimizing investment returns for each individual property.

4.    Terms of the disposal

4.1        Effective date

The effective date of the Disposal shall be the date of transfer of the Units, which is
expected to be on or about 28 February 2019 (“Effective Date”).

4.2        Purchase consideration

The combined purchase price payable by Spear for the Units is R313 000 000 or R18
410 per square metre disposed of, payable to Tremtrust in cash on the Effective Date.                                                                                        2
Trematon’s portion of the investment is R156 500 000 which represents its 50% interest
in Tremtrust.

4.3   Condition precedent

The only condition precedent to the Disposal is that before the Effective Date, the
Disposal shall have been approved unconditionally by the Competition Authorities in
terms of the Competition Act (or, alternatively, is approved upon such terms and
conditions as are reasonably acceptable to Tremtrust and Spear)

5     Profits attributable to and/or value of the net assets that are the subject of the
      Disposal

The profits attributable to the Units for the 12 months ended 31 August 2018 was R30
216 735 million.

The value of the Units as at 31 August 2018 was R300 001 241 million.

6 Categorisation

This announcement is published in terms of the JSE Listings Requirements as the
Disposal constitutes a category 2 transaction for the company.

21 November 2018

Cape Town

Sponsor
Sasfin Capital
a Member of the Sasfin Group

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