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Disposal of shares in Grit Real Estate Income Group Limited
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")
DISPOSAL OF SHARES IN GRIT REAL ESTATE INCOME GROUP LIMITED
1. Introduction
Shareholders are advised that Delta has disposed of 14 869 210 ordinary shares (the "Disposal Shares") in Grit Real Estate
Income Group Limited ("Grit"), which comprises Delta's entire shareholding in Grit, for a consideration of 5.45 pence per
Disposal Share and an aggregate sale consideration of GBP 810 371.95 (the "Disposal").
The Disposal Shares were sold to Peresec Prime Brokers Proprietary Limited, acting in a representative capacity for its
underlying clients. The Disposal is unconditional, and the securities will be delivered once payment has been received
(delivery versus payment basis).
2. Description of Grit and rationale for the Disposal
Grit is a leading Pan-African real estate company focused on investing in, developing and actively managing a diversified
portfolio of assets underpinned by predominantly US Dollar and Euro denominated long-term leases with high quality multi-
national tenants. Grit maintains a Premium Listing on the London Stock Exchange, as well a secondary listing on the Official
Market of the Stock Exchange of Mauritius.
The Company's investment in Grit, representing 3% of Grit's issued shares, has long been identified for disposal as part of
the Company's broader strategy to divest non-core properties and investments. In line with this strategy, the Board has
determined that the Disposal is in the Company's best interest, as it will support the optimisation of capital allocation and
strengthen Delta's financial position. The net proceeds from the Disposal will be utilised to reduce debt associated with the
share funding, improve the balance sheet, and enhance the Company's overall liquidity.
3. Financial and property-specific information
The following profitability metrics were published by Grit in respect of the twelve months ended 30 June 2025:
Dividend per share (US cents) -
Basic loss per share (US cents) 12.84
Diluted loss per share (US cents) 12.84
IFRS net asset value per share (US cents) 35.5
The net asset value and loss after tax attributable to 100% of Grit, for the year ended 30 June 2025 are USD 344.4 million
and USD 65.4 million respectively.
This information has been extracted from Grit's abridged unaudited consolidated financial results for the twelve months
ended 30 June 2025 which have been prepared in terms International Financial Reporting Standards.
The property specific information in respect of Grit can be found on Grit's website at: https://grit.group/portfolio/#property-
portfolio, as well as in Grit's 2024 integrated report which is available at: https://grit.group/investor-relations/financial-
results/
4. Categorisation
The Disposal is classified as a category 2 transaction in terms of the JSE Listings Requirements. Accordingly, the Disposal
is not subject to shareholder approval.
Johannesburg
7 November 2025
Sponsor
Java Capital
Date: 07-11-2025 03:30:00
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