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Planned sale of UK Browne Jacobson Property
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”)
PLANNED SALE OF UK BROWNE JACOBSON PROPERTY
1. INTRODUCTION
The board of directors of Texton (the “Board”) is pleased to advise shareholders that the Company is
negotiating an agreement for the sale for its UK property located at Mowbray House, Nottingham, let to
the law firm Browne Jacobson (the “Property” or the “Sale”) to the University of Nottingham (the
“Purchaser”). The sale is not yet contractually committed and remains subject to contract, final approvals
and completion of due diligence. The transaction is expected to complete in October, whereby Texton will
dispose of property to the Purchaser, for a price of £9.375 million (the “Offer Level”).
2. RATIONALE
The location is very attractive to the University, allowing future expansion of their city Centre presence and
enhanced links with regional businesses. The Sale allows Texton to secure an attractive exit from the
Property. The sale is in line with Texton’s strategy to reduce its office exposure. Mowbray House is the
last wholly owned UK Office property and the disposal will improve the weighted average lease expiry and
income profile of the remaining UK portfolio.
3. TERMS OF THE SALE
The Sale is expected to complete by the end of the October 2021. The Sale is subject to contract, final
approvals, and completion of due diligence. Texton will inform the market once all remaining conditions
have been met.
4. FINANCIAL AND PROPERTY SPECIFIC INFORMATION
Details of the Property are as follows:
Location Sector GLA (m2) Weighted Net rental Book Offer
average income value Level (£
rental (£) PA (£ million) million)
(£/m2) p.a
Mowbray House, Office 5,385 £65.2 £257,3891 9.1252 9.3753,4
Castle Meadow
Road, Nottingham,
NG2 1AB
Notes:
1. Audited net rental income attributable to the Property for the twelve months ended 30 June 2021 was
£257 389. The net rental income steps up to £868,875 per annum from 1 December 2021 and the
purchaser will receive a rental top up from the date of transfer to 1 December 2021.
2. Audited book value as at the year ended 30 June 2021.
3. The Sale Proceeds in respect of the Property is considered its fair market value, as determined by the
Board. The Board is not independent and are not registered as professional valuers or as professional
associate valuers in terms of the Property Valuers Profession Act, No. 47 of 2000.
4. Costs of c.£160,000 will be incurred on associated legal, vendor survey and agent fees.
5. The financial information contained in this announcement has not been reviewed or reported on by a
reporting accountant.
5. CATEGORISATION OF THE SALE
The Sale is a category 2 transaction in terms of the JSE Listings Requirements and accordingly does not
require approval by shareholders.
SANDTON
15 September 2021
CORPORATE ADVISER AND SPONSOR TO TEXTON
Investec Bank Limited
Date: 15-09-2021 01:10:00
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