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Proposed disposal of 88 Field Street and update on successful transfer of Anchor House and Thuto House
DELTA PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
JSE share code: DLT
ISIN: ZAE000194049
(Approved as a REIT by the JSE)
("Delta" or the "Company")
PROPOSED DISPOSAL OF 88 FIELD STREET AND UPDATE ON SUCCESSFUL TRANSFER OF ANCHOR HOUSE AND THUTO HOUSE
A. PROPOSED DISPOSAL OF 88 FIELD STREET
1. Introduction
Delta shareholders are hereby advised that the Company (the "Seller") has entered into a sale of letting enterprise
agreement (the "Agreement") with Jordisys Proprietary Limited (the "Purchaser"), to dispose of the property
situated at 88 Joe Slovo Street, Durban, Kwa-Zulu Natal, including immovable and movable assets, and as more
commonly known as "88 Field Street" (the "Property"), for a cash consideration of R76.0 million (the "Disposal
Consideration") (the "Disposal").
2. Rationale and use of proceeds
As part of the Company's business and portfolio optimisation strategy, it was decided to dispose of assets which
are no longer strategic to the Company and are deemed to be "non-core". In keeping with this strategy, the
Company has taken a decision to dispose of the Property given its "non-core" status. The net proceeds from the
Disposal will be utilised by the Company to reduce its debt balance.
3. Terms and conditions of the Disposal
3.1 Purchaser
The ultimate beneficial owner of the Purchaser is Suleman Bemath. The Purchaser is not a 'related party'
as defined in the Listings Requirements of the JSE Limited ("JSE").
3.2 Effective date
The Disposal will become effective on the date on which the registration of transfer of the Property into
the name of the Purchaser is effected, which date the Company anticipates will be approximately
30 September 2025 (the "Transfer Date").
3.3 Disposal Consideration
The Disposal Consideration is R76 million exclusive of VAT, payable in cash, as follows:
- a non-refundable deposit of R3.8 million, which has already been paid by the Purchaser; and
- R72.2 million secured by way of guarantees, acceptable to the Seller, which guarantees shall be
expressed as payable on the Transfer Date. The guarantees are to be delivered within ninety days
from the date of signature of the Agreement (the "Signature Date").
3.4 Conditions precedent
The Disposal is subject to fulfilment of the following conditions precedent:
- within 120 days after the Signature Date, Delta shareholders approving the Disposal as required in
terms of the JSE Listings Requirements; and
- within 120 days after the Signature Date, any requisite regulatory approvals for the implementation
of the Disposal having been obtained from the Competition Authorities (if applicable).
3.5 Representations and warranties
The Agreement contains representations and warranties by the parties in favour of one another which are
standard for transactions of this nature.
4. Financial and property-related information in respect of the Property
88 Field Street
Location Durban, Kwa-Zulu Natal
Gross lettable area: 21 793m2
Weighted average rental(1): R86.05/m2
Net operating income(1): R6.5 million
Vacancy rate(1): 34.9%
Sector: Office - Government
Valuation(2) R135.9 million
Notes:
1. The weighted average rental and operating income and vacancy rates in respect of the Property have been
extracted from the Company's unaudited interim results for the period ended 31 August 2024, which were
prepared in terms of International Financial Reporting Standards.
2. The valuation of the property was performed as at 29 February 2024 by Theuns Behrens (Real Insight),
who is independent from the Company and registered as a professional valuer in terms of the Property
Valuers Profession Act, No. 47 of 2000. The Property has been subject to a further valuation as at
28 February 2025, which valuation is currently undergoing the audit review and approval process by
Delta's auditors and Board of Directors, respectively. The updated valuation information will be included
in the circular to be distributed to shareholders per paragraph 5 below.
3. The financial information contained in this announcement is the responsibility of the Board of Directors of
Delta and has not been reviewed and reported on by Delta's auditors or a reporting accountant.
5. Categorisation
The Disposal is classified as a category 1 transaction in terms of the JSE Listings Requirements. Accordingly,
the Disposal is subject to shareholder approval. Full details of the Disposal will be included in a circular to be
distributed to shareholders in due course.
B. VOLUNTARY ANNOUNCEMENT REGARDING THE SALE AND SUCCESSFUL TRANSFER OF ANCHOR AND TRUSTFONTEIN
Delta shareholders are referred to the announcements released by the Company on 2 October 2024 and
21 November 2024 and are advised that the Company has now successfully concluded the disposal and transfer
of Erf 943 Bloemfontein (Anchor House) and Erf 744 Bloemfontein (Thuto House), respectively.
Johannesburg
11 April 2025
Sponsor
Java Capital
Date: 11-04-2025 03:15:00
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