SPEAR REIT LIMITED - Voluntary Announcement Acquisition of 30% of Spear One

Voluntary Announcement – Acquisition of 30% of Spear One

SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
(“Spear” or “the Company”)

VOLUNTARY ANNOUNCEMENT – ACQUISITION OF 30% OF SPEAR ONE

Spear is pleased to advise shareholders that Spear has entered into a transaction agreement
on 26 November 2020, to acquire 30% of the issued share capital of Spear One Proprietary
Limited, the owner of Erf 9363, Cape Town, City of Cape Town, Western Cape, situated at 2
Long Street, Cape Town Western Cape (“2 Long Street”), from 2 Long Street Investment
Proprietary Limited (“LSI”) (“Acquisition”) for a purchase consideration of R11 500 000
(“Consideration”).

The Consideration will be settled by Spear issuing 1 533 333 shares in the issued share capital
of Spear (“Spear Shares”) to LSI at an issue price of R7.50 per Spear Share.

The Acquisition increases Spear’s interest in 2 Long Street to 100% (previously, 70%) and is
in line with Spear’s strategy to increase its investments in high quality Western Cape real
estate and in this instance the Cape Town central business district.

The Acquisition is uncategorised in terms of the JSE Listings Requirements, and the
information contained in this announcement has been voluntarily disclosed by the Company.

Cape Town
26 November 2020

Sponsor and corporate advisor
PSG Capital

Date: 26-11-2020 12:00:00
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