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The Disposal By Accelerate Of Erf 4687, Montague Gardens
ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/015057/06)
Share code: APF ISIN: ZAE000185815
Bond company code: APFE
(“Accelerate”, “APF” or the “Company”)
THE DISPOSAL BY ACCELERATE OF ERF 4687, MONTAGUE GARDENS
1. INTRODUCTION
Shareholders are advised that the Accelerate (“Seller”) has entered into a deed of sale
of a rental enterprise as a going concern (“the Agreement”) with Zelaprop 3 (Proprietary)
Limited (“Purchaser”), to dispose of Erf 4687, Montague Gardens (“the Property”) (“the
Transaction”).
2. THE PROPERTY
The property forming part of the rental enterprise is Erf 4687, Montague Gardens in extent
of approximately 30,201m2 situated at 1 Bolt Avenue, Montague Gardens, together with
improvements thereon.
This Transaction does not include Erf 4912 in the extent of approximately 7,236 m2 situated
at 9 Bolt Avenue, Montague Gardens which was sold and transferred on 22 December
2020.
At 28 February 2021 the Property was independently valued at R96 659 000 and is being
sold for R92 000 000 (”Consideration”) and at a yield of 9%.
3. APPLICATION OF THE SALE PROCEEDS
The Consideration of R92 000 000 is in cash. APF intends to utilise the full sale proceeds
towards the reduction of debt.
4. RATIONALE FOR THE TRANSACTION
The Company has earmarked non-core properties for sale, of which this property is
included. It is the intention that the proceeds from the sale of these non-core properties
will be used to reduce debt.
5. EFFECITVE DATE AND KEY TRANSACTION TERMS
The effective date for the Transaction will be the date on which the last of the conditions
precedent are fulfilled or waived, as the case may be, which is expected to be during May
2021.
6. CONDITIONS PRECEDENT
The closing of the Transaction is subject to the following conditions precedent:
• Successful due diligence within 20 business days, after signing of the Agreement;
• The Purchaser obtaining notification or the necessary funding of a minimum of 70%
of the Consideration from a financial institution within 20 days of the due diligence
completion; and
• Other necessary consents and approvals customary for a transaction of this
nature.
7. INFORMATION RELATING TO THE PROPERTY
The details of the Property including location, gross lettable area (“GLA”), net rent,
remaining lease term and valuation are as follows:
Effective
Remaining
Property / 2 Net rent Disposal Last valuation date of
Location GLA (m ) lease term
Tenant per m2 * Price (ZAR) ** the
(years)
valuation
Montague 28
Gardens Erf 4687 22,935 m2 R30.09 R92 000 000 5.82 years R96 659 000 February
2021
* The weighted average net rent per m2 (also the profit attributable to the net assets of Erf 4687 Montague Gardens),
billed to tenants as at the date of signature of the Agreement.
** Independent valuation as at 28 February 2021 (which the Company is satisfied with) based on cash flows and
forward net income achieved by the property at valuation date. The valuation was prepared by Mills Fitchet Global
Valuations (Pty) Ltd who is registered as a professional valuer in terms of the Property Valuers Profession Act, No. 47
of 2000.
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 Limited the Transaction is classified as
a Category 2 transaction for APF and does not require shareholder approval.
Johannesburg
19 March 2021
Sponsor
The Standard Bank of South Africa Limited
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this announcement may be considered forward-looking. Although APF
believes that the expectations reflected in any such forward-looking statements relating to the
Transaction are reasonable. The information has not been reviewed or reported on by the
reporting accountants and auditors and no assurance can be given by APF that such
expectations will prove to be correct. APF does not undertake any obligation to publicly update
or revise any of the information given in this announcement that may be deemed to be forward-
looking.
Date: 19-03-2021 08:00:00
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