Rebosis concludes agreements to acquire R1bn office property portfolio

Posted On Wednesday, 05 December 2012 17:25 Published by Commercial Property News
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The acquisitions are consistent with Rebosis' strategy of acquiring large high-quality and defensive commercial properties yielding secure capital and income returns for linked unitholders.

Sisa Ngebulana RebosisThe Nthwese office portfolio is dominated by national and provincial government with an element of blue chip corporate tenants, Nedbank being a major tenant in one of the buildings. This quality office portfolio, which includes the iconic IBM Building, consists of long-term leases expiring in the years 2019 and 2020, providing linked unitholders with predictable revenue streams with low forecast risk.

The properties comprising the Nthwese office portfolio are well located in established nodes within the Johannesburg and Pretoria CBD's offering great access to public transport routes and infrastructure.

The total purchase price payable by Rebosis for the Nthwese office portfolio is approximately R1 billion. Payment of the purchase price for each of the acquisitions will be secured by separate finance guarantees of the purchase price payable per acquisition.

The purchase price of each acquisition will be settled in cash against registration of transfer of each of the properties into the name of Rebosis which date of transfer shall not be earlier than 1 March 2013 and no later than 31 March 2013.

The properties are acquired from the following sellers, all of which are ultimately controlled by Peolwane Properties (Proprietary) Limited and the Nthwese Trust:

  • Arena Props 040 (Proprietary) Limited in respect of a property known as 99 Market Street (the "99 Market Street acquisition");
  • Fast Pace Trade and Invest 28 (Proprietary) Limited in respect of a property known as 64 Eloff Street (the "64 Eloff Street acquisition");
  • Dreamfair Properties 26 (Proprietary) Limited in respect of a property known as 189 Schoeman Street (the "189 Schoeman Street acquisition");
  • Interstate Clearing 040 (Proprietary) Limited in respect of a property known as 18 Rissik Street (the "18 Rissik Street acquisition"); and
  • Subway Trading and and Investment 36 (Proprietary) Limited in respect of a property known as 124 Main Street (the “124 Main Street acquisition”)

The board is satisfied that the values of each of the properties are in line with the purchase prices being paid for them by the company.

Last modified on Wednesday, 22 May 2013 20:05

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