Diversified Property Fund (DIV), a wholly-owned subsidiary of listed property fund Resilient, plans to list on the JSE on October 6 as part of a restructuring by Resilient in which it will sell its industrial and smaller retail property assets into Diversified and maintain its own large retail property-focused portfolio.

As previously announced, the base of Diversified's property portfolio will comprise quality industrial properties located in strong industrial nodes, including such properties as Isando Business Park, City Deep Industrial Park, Vryheid Plaza, Shoprite Vryheid, Main Road Wynberg, Jet park Mini Factories, Jet Stores Queenstown and Chemserve Spartan.

Providing an update on the listing, Diversified said that at the date of listing, the linked unit capital of Diversified would comprise 800 million authorised ordinary shares at a par value of one cent each linked to variable rate unsecured subordinated debentures with a face value of 480 cents each, and an issued linked unit capital of 88.56 million linked units.

Diversified plans to raise a total of 23.75 million rand in a private placement of units ahead of the listing, placing 4.75 million linked units at a price of 500 cents per unit.

The placement will open on September 26 and close the following day.

Resilient will hold approximately 32.7% of Diversified's total units in issue.

This interest will fall to 27.4% if the private placement is fully subscribed.

The group will also issue 6 million linked units in Diversified, representing 6.78% of the total linked units in issue, to the Skyakha Education Trust at 500 cents per linked unit as part of its black economic empowerment initiative. The units are payable in cash on issue.

Assuming that all property letting enterprises are transferred to Diversified before the listing, the group is forecasting revenue of 73.6 million rand for the nine months to end-June 2006, rising to 104.3 million rand for the year to end-June 2007.

Headline earnings per linked unit are expected to come in at 39.45 cents for the nine months and 57.99 cents for the year to end-June 2007.

The distribution per linked unit is expected at 39.45 cents for the nine-month period, growing to 57.99 cents for the 12 months to end-June 2007.

This would represent an annualised yield (based on the 500 cent per unit issue price) of 10.52% for the nine-months and 11.6% for the first full financial year to end-June 2007.