ACCELERATE PROPERTY FUND LIMITED - Disposal by Accelerate of KPMG Crescent and parkade 85 Empire Road Parktown

Disposal by Accelerate of KPMG Crescent and parkade 85 Empire Road Parktown

ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 2005/015057/06)
JSE code: APF ISIN code: ZAE000185815
Bond company code: APFE
LEI: 378900D514788C447E45
(REIT status approved)
(Listed in the General Segment)
("Accelerate" or the “Company")


     DISPOSAL BY ACCELERATE OF KPMG CRESCENT AND PARKADE 85 EMPIRE ROAD PARKTOWN


1.    INTRODUCTION,

      Shareholders and noteholders are advised that the Accelerate and its wholly owned subsidiary,
      Parktown Crescent Properties (Pty) Ltd) (collectively the “Seller” or the “Accelerate Group”) has
      entered into a sale of shares agreement (the “Agreement”) with Rand Mutual Assurance
      Company Limited (“RMA” or the “Purchaser”) in terms of which RMA will acquire 100% of the
      issued share capital in Wanooka Properties (Pty) Ltd (“Wanooka”) for R 385,000,000 from the
      Accelerate Group (the “Transaction”). Wanooka owns the immovable property known as KPMG
      Crescent as well as the parkade situated at 85 Empire Road, Parktown ( KPMG Crescent”).

      RMA is a mutual assurance company owned by and operated for the benefit of its policyholders.

      The Transaction forms part of Accelerate’s ongoing strategic repositioning and restructuring
      programme. Accelerate intends to apply the majority of the proceeds of the disposal to the
      reduction of debt.

2.    TRANSACTION TERMS

      The effective date of the Transaction will be the date of the transfer of the shares to the
      Purchaser. The purchase consideration will be paid in cash against transfer of the shares in
      Wanooka to the Purchaser.

      At the date of transfer of the shares in Wanooka to RMA, the only asset held by Wanooka will be
      KPMG Crescent. All other assets and liabilities in Wanooka will be transferred out/settled prior
      to transfer of the shares to RMA.

      Accelerate has agreed to spend approximately R 15,000,000 on KPMG Crescent with regards to
      maintenance and capital improvement on behalf of RMA as part of the Transaction, resulting in
      a net purchase price pre-commission of R 370,000,000.

      As part of this Transaction, Wanooka and KPMG have agreed an exit date of 30 April 2027 with
      regard to the currently lease in place between Wanooka and KPMG in respect of KPMG Crescent.

      The Transaction remains subject to unconditional Competition Authority approval.

      Broker commissions of R 10,500,000 is payable by Accelerate pursuant to this Transaction.

      The Agreement contains undertakings, warranties and indemnities which are normal for a
      transaction of this nature.

3.   PROPERTY SPECIFIC INFORMATION

     The details of the Properties are as follows:

       Location:                                 85 Empire Road            Parktown,     Johannesburg,
                                                 Gauteng
       Sector:                                   Office
       Weighted Average Gross Rental (R/m2):     99,52
                                   2
       Gross lettable area (GLA) (m ):           20 096
       31 March 2026 Valuation (net assets) (R): 393 000 000

     The External valuation of KPMG Crescent as at 31 March 2026 (which the Company is satisfied
     with) was performed by Mills Fitchet valuations (Pty) Ltd and was based on cash flows and
     forward net income achieved by the Properties at valuation date.

4.   FINANCIAL INFORMATION

     The net operating income (excluding straight-lining rental income adjustments) of KPMG
     Crescent, based on the annual financial statements of Accelerate (prepared in terms of IFRS) for
     the year ended 31 March 2026, is circa R100,8 million, this above market net income earned is
     off the back of a long-term lease with KPMG having escalated at 8% per annum over a 12-year
     period. This gross rental payable under this lease reverted to R99,52 per m2 on 1 September
     2026.

5.   CATEGORISATION OF THE TRANSACTION

     The Transaction is classified as a Category 2 transaction for Accelerate in terms of the JSE Listings
     Requirements and is accordingly not subject to shareholder approval.

Fourways
25 September 2026

Equity and Debt Sponsor
Questco Corporate Advisory
Date: 25/09/2026 01:20:00
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