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Sale of Alrode Industrial Park
TEXTON PROPERTY FUND LIMITED
Granted REIT status by the JSE
(Incorporated in the Republic of South Africa)
(Registration number 2005/019302/06)
JSE share code: TEX ISIN: ZAE000190542
(“Texton” or the “Company”)
SALE OF ALRODE INDUSTRIAL PARK
1. INTRODUCTION
The board of directors of Texton (the “Board”) is pleased to advise shareholders that the Company (the
“Seller”) has entered into an agreement with Benav Properties Proprietary Limited (the “Purchaser”) on 4
April 2023 (the “Agreement”) to dispose of Alrode Industrial Park (the “Disposal” or the “Property” or the
“Sale”) for R50 million, to be cash settled (the “Disposal Proceeds”).
2. RATIONALE
Texton has limited exposure to industrial assets in its direct property portfolio. As such the Board has
decided to exit the sector to focus on repurposing its office assets.
The Disposal Proceeds will be utilised to repay debt and invest to further develop its SME strategy.
Furthermore, the recycling of capital will provide flexibility for future opportunities to diversify investment
into other asset classes which appear attractively priced.
3. TERMS OF THE SALE
The Sale is subject to the following condition precedents (“Condition Precedents”) to be fulfilled by no
later than 18 May 2023:
- the Purchaser confirming they are satisfied with their due diligence investigation undertaken in
respect of the Property;
- the Purchaser receiving written confirmation that they have been granted loan funding on standard
terms and conditions typical for a transaction of this nature; and
- finalisation of all requisite Seller Board approvals.
The effective date of the Disposal will be the date on which all Condition Precedents have been fulfilled
and the transfer date will be the date of registration of transfer of ownership of the Property.
All other terms of the Agreement are standard terms and conditions typical for a transaction of this nature.
The beneficial owners of Benav Properties Proprietary Limited is the Rimon Trust, the Noless Trust and
Mameshly Trust. The Purchaser is not a ‘related party’ in terms of the JSE Limited Listing Requirements.
4. FINANCIAL AND PROPERTY SPECIFIC INFORMATION
Details of the Property are as follows:
Location Sector GLA (m2) Weighted Net rental Book Disposal
average income value Proceeds
rental (R million) (R) (R million)
(R/m2) per
month
Portion 125 (a Industrial 17 279 R34.36 R2.272 55.000 50.000
portion of
portion 29) of
the Farm
Roodekop
Notes:
1. Unaudited net rental income attributable to the Property for the six months ended 31 December 2022
was R2 271 817.
2. Audited book value as at the year ended 30 June 2022.
3. The Sale Consideration in respect of the Property is considered its fair market value, as determined
by the Board. The Board is not independent and are not registered as professional valuers or as
professional associate valuers in terms of the Property Valuers Profession Act, No. 47 of 2000.
4. The financial information contained in this announcement has not been reviewed or reported on by a
reporting accountant.
5. CATEGORISATION OF THE SALE
The Sale is a category 2 transaction in terms of the JSE Listings Requirements and accordingly does not
require approval by Texton shareholders.
SANDTON
5 April 2023
CORPORATE ADVISER AND SPONSOR TO TEXTON
Investec Bank Limited
Date: 05-04-2023 08:00:00
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