RESILIENT REIT LIMITED - Acquisition of a 25% interest in a retail portfolio in France

Acquisition of a 25% interest in a retail portfolio in France

RESILIENT REIT LIMITED
Incorporated in the Republic of South Africa
Registration number: 2002/016851/06
JSE share code: RES
ISIN: ZAE000209557
Bond company code: BIRPIF
LEI: 378900F37FF47D486C58
(Approved as a REIT by the JSE)
(“Resilient” or “the Company”)


ACQUISITION OF A 25% INTEREST IN A RETAIL PORTFOLIO IN FRANCE


Resilient has reached agreement with Wereldhave Retail France SAS (“WRF”) on the acquisition of a 25% interest in
four French shopping centres (the “portfolio”). Lighthouse Capital will own the other 75% interest.

Resilient’s purchase consideration amounts to c. EUR76,25 million and related working capital on the effective date
of 30 September 2021 (the “acquisition”). Resilient may implement the acquisition directly or via a newly
incorporated entity in France.

The shopping centres are situated in growing regions in northern France and in cities that will continue to benefit 
from urbanisation. The strategy is to strengthen the dominance of the retail centres.

The estimated yield for these properties of 8,1% is based on the projected net operating income for the 2022
calendar year and no estimated rental value is attributed to the vacant gross lettable area (“GLA”) acquired.

The acquisition will be conditional on Resilient obtaining the necessary exchange control approval and WRF
supervisory board approval. Transfer will take place on the effective date.

Additional required information
The salient details of the portfolio (based on 100%) are as follows:

                                                                                                          Transaction
                                                               Weighted            Net operating       value ascribed
                                       Retail                   average      income for the year              to each
                                        GLA 1   Occupancy      rental 2       ended Dec 2020 3,4           property 5
Name               Location              (m2)         (%)         (EUR)                    (EUR)                (EUR)
Docks Vauban       Le Havre            47 292       93,4%         10,20                3 932 000           55 950 000
Docks 76           Rouen               37 009       93,9%         18,60                5 786 000           77 250 000
Rivetoile          Strasbourg          28 301       95,9%         25,40                5 618 000           84 250 000
Saint Sever        Rouen               34 781       89,8%         19,70                6 406 000           87 550 000
Total                                 147 383                                         21 742 000          305 000 000

Notes:
1.    Inaccessible areas, storage areas and areas under development have been excluded from retail GLA.
2.    Monthly weighted average rent at 31 March 2021, excluding discounts related to COVID.
3.    Including the impact of temporary discounts related to COVID of c. EUR3 million.
4.    Unaudited International Financial Reporting Standards amounts as per transaction due diligence.
5.    Allocation of total purchase price to individual properties based on management models.

Categorisation
The acquisition will be categorised as a category 2 transaction in terms of the JSE Listings Requirements and as such
will not be subject to shareholder approval. In due course Resilient will announce the fulfilment of the conditions
to the acquisition.

26 August 2021


Corporate advisor and sponsor
Java Capital

Date: 26-08-2021 05:02:00
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