ACCELERATE PROPERTY FUND LIMITED - Voluntary Update On Capital Recycling Process

Voluntary Update On Capital Recycling Process

ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2005/015057/06
Share Code: APF ISIN: ZAE000185815
("the Company" or "APF")
(Approved as a REIT by the JSE)

VOLUNTARY UPDATE ON CAPITAL RECYCLING PROCESS


Shareholders are referred to the announcement released on SENS on Thursday, 7 December 2023
advising that APF had entered into a Sale of Letting Enterprise Agreement to dispose of Cherry Lane
Shopping Centre ("Cherry Lane" or "the Property") the Transaction").

The Transaction was classified as a Category 2 transaction in terms of the JSE's Listings Requirements
which does not require shareholder approval.

The Company hereby advises shareholders that the Transaction will no longer be proceeding. APF is
currently in the early stages of negotiating terms with a potential new purchaser and will disclose more
details as soon as an agreement has been concluded.

Shareholders should note that the disposals of three additional assets in terms of APFs capital recycling
programme ("the Disposals") have been lodged with the Deeds Office, with transfers expected by the
end of March 2024.

The net aggregate proceeds from the Disposals amount to R43 million and will be used to lower the
Company's debt levels.


Details of each of the Disposals and net proceeds are as follows:
    •   Erf 79, Eastgate Extension 4 Township, commonly known as 9 Charles Crescent – net proceeds
        of R12 million.
    •   Erf 255 Eastgate Extension 4 Township, commonly known as 10 Charles Crescent: net proceeds
        of R13 million.
    •   The remaining extent of erf 701 of the farm Zandfontein, number 42 and Portion 6 of Erf 53,
        Eastgate Township, commonly known as Brooklyn Place: net proceeds of R18 million.

Fourways
11 March 2024

Sponsor: The Standard Bank of South Africa Limited

Date: 11-03-2024 04:40:00
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