By
Linked unitholders of the company are hereby advised that the company has entered into an agreement ("the Agreement") with Momentum Property Investments (Pty) Ltd. ("Momentum"), to acquire all rights and obligations in relation to the notarial lease held by Momentum ("Notarial Lease") over the properties situated at Erf 113702 Cape Town, Erf 10315 Guguletu, Erf 113308 Cape Town and Erf 10172 Guguletu, all situated in the City of Cape Town and commonly known as Nyanga Junction ("the Nyanga Junction Property"), and the associated rental enterprise conducted on the Nyanga Junction Property ("the Nyanga Junction Property Acquisition").
In order to procure the transfer of Momentum's rights and obligations in relation to the Notarial Lease to the company, the parties will procure the preparation and registration of a notarial deed of assignment at the Deeds Office ("Deed of Assignment"). The effective date of the Nyanga Junction Acquisition shall be the date of registration of the Deed of Assignment at the Deeds Office which, subject to fulfilment of the conditions precedent, is expected on or about 1 April 2013.
Purchase consideration
The purchase consideration applicable to the Nyanga Junction acquisition is R58 000 000 (fifty eight million rand), which includes VAT at the rate of 0%, payable in cash against registration of the Deed of Assignment at the Deeds Office. The company will fund the purchase consideration through debt and/or equity funding.
Warranties
Momentum has provided warranties to the company that are standard to a transaction of this nature.
Pro forma financial effects of the acquisition
The pro forma financial effects of the Nyanga Junction acquisition on net asset value and net tangible asset value per linked unit are not significant and have therefore not been disclosed.
Categorisation
The Nyanga Junction Acquisition is a Category 2 acquisition in terms of the listings requirements of the JSE Ltd.
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In order to procure the transfer of Momentum's rights and obligations in relation to the Notarial Lease to the company, the parties will procure the preparation and registration of a notarial deed of assignment at the Deeds Office ("Deed of Assignment"). The effective date of the Nyanga Junction Acquisition shall be the date of registration of the Deed of Assignment at the Deeds Office which, subject to fulfilment of the conditions precedent, is expected on or about 1 April 2013.
Purchase consideration
The purchase consideration applicable to the Nyanga Junction acquisition is R58 000 000 (fifty eight million rand), which includes VAT at the rate of 0%, payable in cash against registration of the Deed of Assignment at the Deeds Office. The company will fund the purchase consideration through debt and/or equity funding.
Warranties
Momentum has provided warranties to the company that are standard to a transaction of this nature.
Pro forma financial effects of the acquisition
The pro forma financial effects of the Nyanga Junction acquisition on net asset value and net tangible asset value per linked unit are not significant and have therefore not been disclosed.
Categorisation
The Nyanga Junction Acquisition is a Category 2 acquisition in terms of the listings requirements of the JSE Ltd.
Click here for original article
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