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The Disposal By Accelerate Of Cherrylane Shopping Centre
ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/015057/06)
LEI: 378900D514788C447E45
Share code: APF ISIN: ZAE000185815
Bond company code: APFE
("Accelerate", "APF" or the "Company")
THE DISPOSAL BY ACCELERATE OF CHERRYLANE SHOPPING CENTRE
1. INTRODUCTION
Shareholders and noteholders are advised that Accelerate ("Seller") has entered into a sale of
letting enterprise agreement (the "Agreement") with Cadastral Assets (Pty) Limited, registration
number 2021/938269/07 ("Purchaser") on 19 March 2024 to dispose of Cherry Lane Shopping
Centre, Erf 437 Nieuw Muckleneuk Township, Pretoria ("Cherry Lane" or the "Property") (the
"Transaction").
The ultimate beneficial shareholders of the Purchaser are Timothy Sammons, Michael Hunt and
Hugh Jackson none of which are related parties to Accelerate as defined in the Listings
Requirements of the JSE Limited ("JSE").
2. THE PROPERTY
The Property, a retail building located at 471 Fehrson Street, Nieuw Muckleneuk Township,
Pretoria forms part of Accelerate's retail portfolio and was acquired by Accelerate on or about 11
December 2013.
As at 31 March 2023, the Property was valued at R 65,000,000.00 and is being sold for a cash
consideration of R60,000,000.00 (Sixty million Rand).
3. APPLICATION OF THE SALE PROCEEDS
It is the intention of Accelerate to apply the full proceeds to the reduction of debt and capital
reinvestment into its core property portfolio.
4. RATIONALE FOR THE TRANSACTION AND UPDATE ON BALANCE SHEET OPTIMISATION STRATEGY
This decision was made as part of Accelerate's ongoing efforts to review it's assets and ensure
that they align with the Company's current business strategy and growth plans.
5. CONDITIONS PRECEDENT
• A 15 calendar days due diligence period from the date of signature of the Sale Agreement;
and
• A further 20 calendar days after that for the purchaser to provide guarantees.
6. INFORMATION RELATING TO THE PROPERTY
The details of the Property including location, gross lettable area ("GLA"), net rent, remaining
lease term and independent valuation are as follows:
Description For the year to For the six months to
31 March 2023 30 September 2023
GLA (m²): 11,429m² 11,429m²
Weighted average rent per m²: R32,48/m² R32,48/m²
Vacancy: 32.3% 47.8%
Net property income: R3,58 million R2,03 million
Weighted average lease expiry: 0,54 years 0,55 years
* Directors' valuation as at 31 March 2023 (which the Company is satisfied with) was based
on cash flows and forward net income achieved by the Property at valuation date.
7. WARRANTIES
The Seller has provided warranties and indemnities to the Purchaser that are standard for a
transaction of this nature.
8. CATEGORISATION OF THE TRANSACTION
In terms of the Listings Requirements of the JSE, the Transaction is classified as a Category 2
transaction for Accelerate and does not require shareholder approval.
Johannesburg
27 March 2024
Equity sponsor
The Standard Bank of South Africa Limited
Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 27-03-2024 02:20:00
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