ACCELERATE PROPERTY FUND LIMITED - Disposal by Accelerate of Cedar Square Shopping Centre

Disposal by Accelerate of Cedar Square Shopping 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)
(Listed in the General Segment)
("the Company" or “Accelerate”)


DISPOSAL BY ACCELERATE OF CEDAR SQUARE SHOPPING CENTRE


1.    INTRODUCTION

      Shareholders and noteholders are advised that Accelerate has entered into a sale of letting
      enterprise agreement (the “Agreement”) with Aristonas (Pty) Ltd (the “Purchaser” or
      “Aristonas”) to dispose of the property known as Cedar Square shopping centre, measuring
      approximately 44,249m2 in gross lettable area (the “Property” or “Cedar Square”), as a going
      concern, for an aggregate purchase consideration of R 630 000 000 (exclusive of VAT) (the
      “Transaction”). The beneficial owner of Aristonas (Pty) Ltd is Big Apple Trust.

      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 Cedar Square into the name
      of the Purchasers. The purchase consideration will be paid in cash against registration of transfer
      of the Property.

      The Purchaser will acquire the existing letting enterprise known as Cedar Square Shopping
      Centre, its related income stream and available bulk but will not acquire the right to develop the
      bulk. The right to develop (“Development Rights”) the available bulk of 40,447m2 will be retained
      by Accelerate by means of a Notarial Deed of Servitude registered in favour of the Accelerate.
      Should the Purchaser wish to develop the bulk it will be entitled to purchase the Development
      Rights by giving written notice to Accelerate.

      The rate to be paid for the Development Rights is a Rand value per m 2 of bulk utilised and shall
      be determined by using the average rate at the time of such purchase set by two independent
      valuers (one appointed by Accelerate and one appointed by the Purchaser).

      Any Development Rights which remain unutilised on the 10th anniversary of the date of
      registration of transfer of the Property will transfer automatically to the Purchaser at no
      consideration and the servitude in favour of Accelerate will be removed.

      The Transaction remains subject to Accelerate Shareholder approval as well as unconditional
      Competition Authority approval.

      There is sales commission of 2,5% payable on the Transaction.
     The Agreement contains undertakings, warranties and indemnities which are normal for a
     transaction of this nature.

3.   PROPERTY SPECIFIC INFORMATION

     The details of the Property are as follows:

       Location:                                              C/O Willow and Cedar Rd Fourways,
                                                              Johannesburg
       Sector:                                                Retail
       Weighted Average Gross Rental (R/m2):                  153,08
       Gross lettable area (GLA) (m2):                        44,249
       Income valuation (R) (net asset being disposed of) :   643 517 968
       Available bulk (m2):                                   40 447
       Bulk valuation (R):                                    168 782 032

     The external valuation of the Property as at 31 March 2026 (which the Company is satisfied with)
     was performed by Mills Fitchet valuations (Pty) Ltd and was based on cash flows and forward net
     income achieved by the Property at valuation date. The net operating income (excluding
     straight-lining rental income adjustments) of the Property, based on the annual financial
     statements of Accelerate (prepared in terms of IFRS) for the year ended 31 March 2026, is circa
     R55,1 million.

4.   CATEGORISATION OF THE TRANSACTION

     The Transaction is classified as a Category 1 transaction in terms of the JSE Listings Requirements
     and shareholder approval is required. A further announcement outlining the salient dates for the
     posting of the Category 1 transaction circular and the schedule for the general meeting of
     Accelerate shareholders to approve the Transaction will be provided in due course.

Fourways
15 September 2026

Equity and Debt Sponsor
Questco Corporate Advisory
Date: 15/09/2026 05:11:00
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