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Disposal of Property in Gansbaai
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 ERF 4068, GANSBAAI
1. Introduction
Shareholders are advised that Trematon, via its 60% held subsidiary, ARIA Property
Group Proprietary Limited (“ARIA”), has on 29 July 2020 entered into an agreement in
terms of which it has, subject to the fulfilment or waiver of certain conditions precedent,
disposed of its 50% interest in Erf 4068, Gansbaai, the rental enterprise conducted
thereon and the assets of such rental enterprise (“the Property”), as a going concern
(‘the Disposal”), to Theo Stergianos Properties (Proprietary) Limited (“the Purchaser”).
The Property is co-owned by ARIA and ZRG Investments (Proprietary) Limited (“the
Sellers”). The Purchaser is not a related party to Trematon in terms of the Listings
Requirements of the JSE Limited (“JSE Listings Requirements”).
2. Details of the Property
The Property is Erf 4068 Gansbaai, Overstrand Municipality Division, Caledon,
Western Cape Province (in extent 2.1429 hectares), all improvements of a permanent
nature, the rental enterprise conducted thereon and the fixed assets of the rental
enterprise. It is sold as a going concern subject to the rights of the tenants of the
Property.
The Property is a convenience retail centre anchored by Spar with other notable
tenants including Tops, Clicks, Pep, Ackermans, KFC and Wimpy. The Property has a
total GLA of 6,941m2 and has approximately 30 tenants in occupation.
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. ARIA’s business entails the ownership and
management of retail, industrial and commercial properties to earn rental income and
generate long-term capital growth.
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 Property, which is
expected to be on or about 1 December 2020 (“Effective Date”).
4.2 Purchase consideration
The total purchase price payable by the Purchaser to the Sellers for the Property is
R109 500 000, which will be payable in cash on the Effective Date.
Trematon’s portion of the purchase price is R54 750 000 which represents ARIA’s 50%
interest in the Property.
4.3 Conditions precedent
The Disposal is the subject to the fulfilment or waiver, as the case may be, of inter alia
the following conditions precedent:
4.3.1 that by no later than 17 August 2020 the Purchaser shall have advised the
Sellers that it is satisfied with the results of a due diligence investigation in
relation to the Property; and
4.3.2 that by no later than 31 August 2020 the Purchaser shall furnish the Sellers with
written proof from a recognised South African bank of finance approval in an
amount not exceeding R54 750 000.
5 Profits attributable to and value of the net assets that are the subject of the
Disposal
The profits attributable to the Property for the 12-months ended 31 August 2019 was
R7.8 million, of which R3.9 million represented ARIA’s 50% interest.
The Property was recorded in the books of Trematon at 31 August 2019 for R43.8
million, being its 50% undivided share in the Property.
6 Categorisation
This announcement is published in terms of the JSE Listings Requirements as the
Disposal constitutes a category 2 transaction for the Company.
3 August 2020
Cape Town
Sponsor
Sasfin Capital
a Member of the Sasfin Group
Date: 03-08-2020 04:00:00
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