SA CORPORATE REAL ESTATE LIMITED - Category 2 Disposal Announcement - Bluff Towers Shopping Centre

Category 2 Disposal Announcement - Bluff Towers Shopping Centre

SA CORPORATE REAL ESTATE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/015578/06)
Approved as a REIT by the JSE
Share Code: SAC
ISIN Code: ZAE000203238
("SA Corporate" or the "Company")


CATEGORY 2 DISPOSAL ANNOUNCEMENT - BLUFF TOWERS SHOPPING CENTRE

1.    Introduction

      1.1.   SA Corporate shareholders are advised that the Company has, through its wholly-owned
             subsidiary SA Retail Properties Proprietary Limited (the "Seller"), entered into a sale
             agreement with Tinos Consulting and Advisory Proprietary Limited (the "Purchaser"), to
             dispose of Bluff Towers Shopping Centre and the related commercial concerns ("Bluff
             Towers") for a total cash consideration of R544 646 166 ("Disposal Consideration"),
             subject to the fulfilment or waiver of the conditions precedent set out in paragraph 3 below
             (the "Disposal").

      1.2.   The effective date of the Disposal is expected to be on or about 20 December 2025, being
             the date of registration of the transfer of Bluff Towers in the name of the Purchaser
             ("Transfer Date"), but no later than 20 March 2026.

2.    Rationale and use of proceeds

      2.1.   The Disposal is aligned to SA Corporate's strategy of reducing its retail exposure to
             Kwazulu-Natal and furthermore that, following the redevelopment of Bluff Towers during
             2021/2022, the enhancement of such redevelopment has now reached its full maturity.

      2.2.   The Disposal Consideration will be applied to recycle capital into assets with greater
             growth potential.

3.    Terms and conditions

      3.1.   The ultimate beneficial shareholder of the Purchaser is Big Apple Trust (IT001808/2012).

      3.2.   The Disposal Consideration is payable by the Purchaser on the Transfer Date.

      3.3    The Disposal is subject to the fulfilment or waiver of the condition precedent that, to the
             extent necessary, by no later than 120 days from the Signature Date, the Disposal has
             been unconditionally approved by the competition authorities or conditionally approved on
             terms and conditions acceptable to the parties.

      3.4    The Disposal is subject to warranties and indemnities consistent with a transaction of this
             nature.

4.    Description of Bluff Towers

      4.1.   Bluff Towers comprises:

             4.1.1.   the remainder of Erf 1714 Wentworth township, Registration Division FT,
                      Province of KwaZulu Natal, measuring 4,8637 hectares, held by Deed of
                      Transfer T58877/2001;
             4.1.2.   all the Seller's right, title and interest in and to the leases and contracts; and

             4.1.3.   the buildings erected on the property together with all improvements, movable
                      and fixed assets and all fixtures and fittings, excluding assets which are the
                      property of a tenant.

      4.2.   Details of Bluff Towers:

              Location:                                  319 Tara Road, Bluff, Durban
              Rentable area:                             23 979m2
              Weighted average rental:                   R206 per m2
              Sector:                                    Retail

5.    Financial information

      5.1.   The net asset value attributable to Bluff Towers was R357 602 210.

      5.2.   The net property income attributable to Bluff Towers was R44 694 727.

      5.3.   The above information was extracted from the audited annual financial statements of the
             Company for the year ended 31 December 2024, which were prepared in accordance with
             International Financial Reporting Standards and the South African Companies Act.

6.    Independent valuation of Bluff Towers

      6.1.   A valuation of the Company's total property portfolio was performed as at 30 June 2025
             by Spectrum Valuations and Asset Solutions (Pty) Limited ("Valuer"), who are independent
             and registered as professional valuers in terms of the Property Valuers Professional Act
             No 47 of 2000.

      6.2.   The value attributed to Bluff Towers by the Valuer as at 30 June 2025 was R545 100 000.

7.    Categorisation

      The Disposal constitutes a category 2 transaction in terms of the JSE Listings Requirements,
      involves no related parties and does not require shareholder approval.

Sandton
6 October 2025

Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 07-10-2025 08:30:00
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