ACCELERATE PROPERTY FUND LIMITED - Update On The Fourways Mall Redevelopment And Proposed Acquisition

Update On The Fourways Mall Redevelopment And Proposed Acquisition

ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/015057/06)
Share code: APF ISIN: ZAE000185815
(“APF” or the “Company”)


UPDATE ON THE FOURWAYS MALL REDEVELOPMENT AND PROPOSED
ACQUISITION


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OR ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
APPLICABLE LAW OR REGULATION


UPDATE:
• THE FOURWAYS MALL REDEVELOPMENT
• PROPOSED ACQUISITION OF AN OFFSHORE LIGHT INDUSTRIAL AND
  LOGISTICS PROPERTY PORTFOLIO (“PROPOSED ACQUISITION”)


1. FOURWAYS MALL REDEVELOPMENT

Construction work on the redevelopment and expansion of Fourways Mall to a Super
Regional centre of approximately 178 000 m2, continues to proceed according to schedule.
Key milestones achieved to date include:
• In accordance with the master development plan, focusing on inter alia optimal
  tenant mix, approximately 91% of the total gross lettable area (“GLA”) has been pre-
  let. The remaining GLA is under discussion and on track;
• The majority of the approximate R300 million roadworks funded by Fourways
  Precinct (Pty) Ltd are complete and the new dual carriageway on Cedar Road has
  recently opened, significantly improving traffic flow in the area;
• The Witkoppen Road flyover construction is almost complete and ready to link into
  the Super Regional Mall’s multi-level covered parkade;
• 3,000 new parking bays are already available, with additional bays opening on a
  regular basis;
• The unique family entertainment offering, differentiating the Mall, increasing dwell
  time and expanding the Mall’s catchment area includes the existing flagship Bounce
  offering of 4,500 m2 as well as the new 1,350m2 Fun Company that opened in
  December 2017. The internationally renowned 8,500m2 KidZania children’s
  edutainment offering is also on track to open in December 2018; and
• The revamped food court and entertainment section is approximately 95% let.


2. PROPOSED ACQUISITION

On 20 November 2017 the Company advised Shareholders of a potential acquisition of a
Polish light industrial and logistics portfolio.

Shareholders are advised the Company will no longer be pursuing the Proposed
Acquisition.

The Board is of the view that the Company’s current equity price does not fairly reflect the
underlying value of the Company. Management remain focused on the following key priorities:
• Active asset management of its property portfolio;
• Balance sheet optimisation including the reduction of gearing; and
• The Fourways Mall Redevelopment.


Fourways
5 February 2018

Sponsor
The Standard Bank of South Africa Limited

Date: 05/02/2018 05:15:00 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.