ACCELERATE PROPERTY FUND LIMITED - Disposal by Accelerate of The Buzz and Waterford Centre

Disposal by Accelerate of The Buzz and Waterford Centre

ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2005/015057/06
Share Code: APF ISIN: ZAE000185815
Bond code: APFE
LEI: 378900D514788C447E45
(Approved as a REIT by the JSE)
("the Company" or "APF" or "Accelerate")


DISPOSAL BY ACCELERATE OF THE BUZZ AND WATERFORD CENTRE


1.    INTRODUCTION

      Shareholders and noteholders are advised that Accelerate has entered into a sale of letting
      enterprise agreement (the "Agreement") with Dorpstraat Capital Growth Fund (Pty) Ltd (the
      ultimate beneficial holders of which are Dorpstraat Property Investments, Rabie Property Group,
      Nedbank Property Partners and Alpha Plus) and Property House Group Investments (Pty) Ltd (the
      ultimate beneficial holders of which are Wimson Trust and the Gray Trust) (collectively the
      "Purchasers") to dispose of the properties and letting enterprises known as the Buzz Shopping
      Centre, situated in Fourways, Gauteng ("The Buzz") and Waterford Centre, situated in Fourways,
      Gauteng ("Waterford") respectively to each of the Purchasers in an equal undivided share for an
      aggregate consideration of R215 000 000 (exclusive of VAT) (the "Transaction").

      The Transaction forms part of Accelerate's ongoing strategic repositioning and restructuring
      programme. Accelerate intends to apply the proceeds of the disposal to the reduction of debt.

2.    TRANSACTION TERMS

      The effective date of the Transaction will be the date of registration of The Buzz and Waterford
      (collectively the "Properties") into the name of the Purchasers. The purchase consideration will
      be paid through an initial cash consideration of R 200 000 000 against registration of transfer of
      the Property. Additionally, the Purchasers shall pay R5 000 000 to Accelerate on receipt of the
      approved buildings plans for Waterford and R10 000 000 on proclamation by the local authority
      for the rezoning of an erf forming part of The Buzz from "special" to "retail" within 30 days of
      such approvals being obtained.

      The purchase consideration for the Transaction is attributable to The Buzz as to R150 000 000
      and Waterford as to R65 000 000.

      The Transaction remains subject to unconditional Competition Authority approval.

      There is no sales commission payable on the Transaction by the Seller.

      The Agreement contains undertakings, warranties and indemnities which are normal for a
      transaction of this nature.

3.    PROPERTY SPECIFIC INFORMATION

      The details of the Properties are as follows:

       Property name:                             The Buzz Shopping Centre
       Location:                                  Fourways, Gauteng
       Sector:                                    Retail
       Weighted Average Gross Rental (R/m2):      176
       Gross lettable area (GLA) (m2):            14 148
       Valuation (R):                             150 000 000
       Property name:                             Waterford Centre
       Location:                                  Fourways, Gauteng
       Sector:                                    Retail
       Weighted Average Gross Rental (R/m2):      153
       Gross lettable area (GLA) (m2):            6 869
       Valuation (R):                             65 000 000

     The Directors' valuation of the Properties as at 31 March 2025 (which the Company is satisfied
     with) was based on cash flows and forward net income achieved by the Properties at valuation
     date. The Directors of Accelerate are not registered as professional advisors or as professional
     associate advisors in terms of the Property Valuers Profession Act, No 47 of 2000.

4.   FINANCIAL INFORMATION

     The net expected cash proceeds from the Transaction are approximately R150 000 000 and R 65
     000 000 for The Buzz and Waterford respectively. The net operating income (excluding straight-
     lining rental income adjustments) of The Buzz and Waterford, based on the unaudited financial
     statements of Accelerate (prepared in terms of IFRS) for the year ended 31 March 2025, is
     c.R20,8 million and R7,9 million respectively. The disposal yield is 9,5% (based on a one-year
     forward net income from 1 April 2025) after taking into account the agreed exit of Pick n Pay as
     the anchor tenant at the Buzz.

5.   CATEGORISATION OF THE TRANSACTION

     The Transaction is classified as a Category 2 transaction for Accelerate in terms of the JSE Listings
     Requirements and is accordingly not subject to shareholder approval.

Fourways
26 August 2025

Equity and Debt Sponsor
Questco Corporate Advisory

Date: 26-08-2025 03:20:00
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