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Proposed disposal of Parkmore and update on successful transfer of Du Toitspan and Pine Parkade
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 PARKMORE AND UPDATE ON SUCCESSFUL TRANSFER OF DU TOITSPAN AND PINE PARKADE
A. PROPOSED DISPOSAL OF PARKMORE
1. Introduction
Delta shareholders are hereby advised that the Company (the "Seller") has entered into a sale of letting enterprise agreement
(the "Agreement") with Afrocentric Intellectual Property Proprietary Limited (the "Purchaser"), to dispose of the property
situated at 142 – 144 Fourth Street, Parkmore, Sandton, including immovable assets, known as "Parkmore" (the "Property"),
for a cash consideration of R19.0 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 Luvo Gwiliza. 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 31 January 2026 (the "Transfer
Date").
3.3 Disposal Consideration
The Disposal Consideration is R19.0 million exclusive of VAT, payable in cash, as follows:
- a non-refundable deposit of R1.9 million upon signature of the Agreement (which has already been paid), and
- R17.1 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 60 business 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 10 business days of the Signature Date, the board of directors of the Seller shall have passed a resolution
authorising the Seller to conclude the Disposal on the terms and conditions set out in the Agreement; and
- within 120 calendar days of the Signature Date, the Seller has complied with the JSE Listings Requirements
(insofar as this may be applicable) and obtained such consents and approvals as may be required.
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
Parkmore
Location Johannesburg
Gross lettable area: 2 812m2
Weighted average rental(1): R47.02/m2
Net operating income(1): R252 325
Vacancy rate(1) 57%
Sector: Office - Other
Valuation(2) R18.1 million
Notes:
1. The weighted average rental, net operating income and vacancy rate in respect of the Property have been extracted
from the Company's audited results for the year ended 28 February 2025, which were prepared in terms of
International Financial Reporting Standards.
2. The valuation of the property was performed as at 28 February 2025 by Theuns Behrens (of Real Insight Valuations),
who is independent from the Company and registered as a professional valuer in terms of the Property Valuers
Profession Act, No. 47 of 2000.
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 2 transaction in terms of the JSE Listings Requirements. Accordingly, this Disposal
is not subject to shareholder approval.
B. VOLUNTARY ANNOUNCEMENT REGARDING THE SUCCESSFUL TRANSFER OF DU TOITSPAN AND PINE PARKADE
Delta shareholders are further advised that the Company has now successfully concluded the disposal and transfer of
Erf 10405 Kimberly ("Du Toitspan") to Currolink Investments Proprietary Limited (as previously announced on 2 October
2024) and the leasehold rights held under lease number K2160/2016L ("Pine Parkade") to Bemath Poverty Alleviation
Trust (as previously announced on 28 October 2024).
The net proceeds of the disposal of Du Toitspan and Pine Parkade have been utilised to settle outstanding debt in respect of
those properties.
Johannesburg
26 August 2025
Sponsor
Java Capital
Date: 26-08-2025 11:00:00
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