TEXTON PROPERTY FUND LIMITED - Voluntary announcement regarding the sale of Broad Street Mall

Voluntary announcement regarding the sale of Broad Street Mall

TEXTON PROPERTY FUND LIMITED
Granted REIT status by the JSE
(Incorporated in the Republic of South Africa)
(Registration number 2005/019302/06)
JSE share code: TEX ISIN: ZAE000190542
(“Texton” or the “Company”)


VOLUNTARY ANNOUNCEMENT REGARDING THE SALE OF BROAD STREET MALL


1. INTRODUCTION

   The board of directors of Texton (the “Board”) is pleased to advise shareholders that the Company, via its
   50% held joint venture knows as Inception Reading S.a.r.l (“Inception”) has entered into an agreement of
   sale on 6 June 2022 to dispose of Broad Street Mall (“BSM”) for a total headline consideration of £57.5
   million (R1.108 billion).

2. RATIONALE

   Inception successfully completed the business plan to refurbish the mall and obtain residential rights. The
   property requires substantial capital to deliver the proposed development and progress to the next stage
   of the asset’s life cycle. Accordingly, Inception marketed BSM for sale during the latter end of 2021
   calendar year end. After a successful and competitive sales and marketing process, Inception was able to
   receive strong bids for BSM.

3. TERMS OF THE SALE

   The headline purchase price payable is £57.5 million (R1.108 billion) (the “Sale Consideration”) and will
   be settled in cash. Contracts have been exchanged between Inception and the purchaser, and the
   transaction is scheduled to close on 24 June 2022.

   Texton will inform the market on completion of the transaction.


SANDTON
9 June 2022


CORPORATE ADVISER AND SPONSOR TO TEXTON
Investec Bank Limited

Date: 09-06-2022 05:47:00
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