ACCELERATE PROPERTY FUND LIMITED - Notification of change to Accelerates credit rating

Notification of change to Accelerate’s credit rating

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)
("Accelerate" or the "Company")


NOTIFICATION OF CHANGE TO ACCELERATE'S CREDIT RATING


Secured noteholders are advised that, as a result of the Company's well-publicised repositioning
strategy tracking in line with, or ahead of, all key performance objectives, including various
revitalisation initiatives implemented at its largest asset, Fourways Mall, the disposal of non-core
assets and subsequent reduction of debt, as well as the pending capital raise, the Secured Notes
rating has been affirmed by GCR Ratings at CCC+(ZA)(EL), with the outlook upgraded from
"Negative" to "Evolving".

At the same time, Accelerate's national scale long- and short-term issuer ratings has changed to
SD(ZA)/SD(ZA) from C(ZA)/C(ZA), respectively. The SD rating stems from the historic non-payment of
interest under the Company's SPV 2 facilities, of which Accelerate had notified the funder in
advance. In terms of its repositioning strategy, through various initiatives, the Company expects
this to be resolved in the short term and anticipates that its long-term issuer rating will also be
upgraded thereafter.

Earlier in 2025, the Company successfully engaged with its funding partners to extend its term
loan facilities and the maturity date of the notes for a period of two years to 31 March 2027 based
on the fulfilment of certain 'milestone' conditions aligned with its repositioning strategy.

Accelerate expects to release its financial results for the financial year ended 31 March 2025 by
30 June 2025.



Fourways

23 May 2025

Equity and Debt Sponsor
Questco Corporate Advisory

Date: 23-05-2025 08:41:00
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