Disposal of Simba Distribution Centre in Gauteng INVESTEC PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Reg. No: 2008/011366/06) Approved as a REIT by the JSE Share Code: IPF ISIN: ZAE000180915 ("IPF" or the “Fund") DISPOSAL OF SIMBA DISTRIBUTION CENTRE IN GAUTENG 1. INTRODUCTION Shareholders are advised that IPF has concluded a sale agreement with Equites Property Fund Limited (“Equites”), to dispose of the property situated at 117 Greenhills (the “Property”), for a disposal price of R462 million (“Purchase Price”) (the “Disposal”). The Purchase Price reflects an exit yield of 7.0% and represents a R25m (5.7%) premium to the current book value, assuming the Disposal becomes effective on 1 November 2018. The Property is a 40 428 m² distribution centre let to Simba Proprietary Limited and is situated on a 101 769 m2 site in Elandsfontein, Germiston. 2. RATIONALE The Disposal is in line with IPF’s stated strategy of value creation through the efficient recycling of capital and enables the Fund to deleverage its balance sheet on both an earnings and net asset value accretive basis. The attractively priced Disposal also provides the Fund with further balance sheet capacity to: - take advantage of existing opportunities, being the remaining Euro 83.5 million commitment to the Fund’s Pan-European logistics platform which is delivering initial cash on cash returns in excess of 10% with further attractive growth prospects, and - capitalise on opportunities in the direct market to the extent there is a re-pricing in line with the recent movement in the listed property sector. 3. SALIENT TERMS OF THE AGREEMENT The Disposal is subject to the fulfilment of the following conditions precedent: - completion of a due diligence investigation and Equites confirming it is satisfied with the results thereof; - approval by the Competition Authorities; and - general conditions considered ordinary in the course of property transfers. 4. CATEGORISATION The Disposal is not categorisable for IPF in terms of the JSE Listings Requirements and this announcement is voluntary and for information purposes only. Investec Property Fund Limited Johannesburg 6 August 2018 Sponsor and Financial Advisor Investec Bank Limited Date: 06/08/2018 12:16:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.