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INVESTEC PROPERTY FUND LIMITED - Voluntary Announcement Proposed disposal of shareholding in Ingenuity Property Investments Limited

Release Date: 17/04/2019 16:31
Code(s): IPF     PDF:  
Wrap Text
Voluntary Announcement – Proposed disposal of shareholding in Ingenuity Property Investments Limited

Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
(Registration Number 2008/011366/06)
Share code: IPF      ISIN: ZAE000180915
(“Investec Property Fund” or the “Fund”)


Shareholders are referred to the announcement released on SENS by Ingenuity Property Investments
Limited (“Ingenuity”) on 17 April 2019, wherein it was advised that Ingenuity intends proposing a
specific repurchase of Ingenuity shares (the “Repurchase”) from Investec Property Fund, amongst
other shareholders.

The Fund made its initial investment in Ingenuity in January 2017, with subsequent acquisitions of
Ingenuity shares, such that the Fund currently holds a total of 115 million Ingenuity shares, at an
average acquisition cost of R0.84 per Ingenuity share.

The Fund has agreed to dispose of its entire Ingenuity shareholding as part of the Repurchase, at a
price of R1.08 per Ingenuity share, resulting in cash proceeds of approximately R124 million and a
capital return on investment of c.30% (the “Disposal”).

The Disposal is part of the Fund’s disciplined approached to capital allocation and asset recycling with
the proceeds being used to either reduce gearing or further support the Fund’s capital deployment in
the Pan-European logistics platform.

The Disposal is not a categorised transaction in terms of the JSE Listings Requirements and is therefore
not subject to shareholder approval. This announcement is voluntary and for information purposes only.

17 April 2019

Investment Bank and Sponsor
Investec Bank Limited

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