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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
Share Code: APF ISIN: ZAE000185815
Bond code: APFE
LEI: 378900D514788C447E45
("the Company" or "APF" or "Accelerate")
(Approved as a REIT by the JSE)
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 Bellerose Investments (Pty) Ltd
("Bellerose") and Scarlet Sky Investments (Pty) Ltd ("Scarlet Sky") (the "Purchasers") on Tuesday,
8 October 2024 to dispose of Cherry Lane (the "Transaction"). Each Purchaser is acquiring a 50%
undivided share in the letting enterprise, by paying 50% of the purchase consideration each.
The ultimate beneficial shareholder of Bellerose is Mr Peter Michaletos and of Scarlet Sky is Mr
Zacharias Mandzavinos and Mr Andreas Vassiliou. Neither of the Purchasers is a related party 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 2024, the Property was valued at R 60,000,000 and is being sold for a cash
consideration of R54,000,000.00 (Fifty-four 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
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. KEY TRANSACTION TERMS
There is no sales commission payable on the transaction by the Seller.
6. CONDITIONS PRECEDENT
Prior to transfer of the Property to the Purchasers, the Tenant under the Builders Warehouse
Lease (new tenant secured for the Property), is required to have commenced trading, started
paying rental and be in possession of a valid Occupation Certificate for the premises occupied.
7. 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
31 March 2024
GLA (m²): 11,429m²
Weighted average rent per m²: R43,77/m²
Vacancy: 52,3%
Net property income: R3,59 million
Weighted average lease expiry: 0,69 years
• Directors' valuation as at 31 March 2024 (which the Company is satisfied with) was based
on cash flows and forward net income achieved by the Property at valuation date.
8. WARRANTIES
The Seller has provided warranties and indemnities to the Purchaser that are standard for a
transaction of this nature.
9. 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
9 October 2024
Equity sponsor
The Standard Bank of South Africa Limited
Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 09-10-2024 05:05:00
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