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Disposal by Accelerate of the Bosveld Bela Bela Shopping Centre
ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2005/015057/06
Share Code: APF ISIN: ZAE000185815
Bond code: APFE
LEI: 378900D514788C447E45
(Approved as a REIT by the JSE)
("the Company" or "APF" or "Accelerate")
DISPOSAL BY ACCELERATE OF THE BOSVELD BELA BELA SHOPPING CENTRE
1. INTRODUCTION
Shareholders and noteholders are advised that Accelerate has entered into a sale of letting
enterprise agreement (the "Agreement") with Morsim Developments Properties (Pty) Ltd to
dispose of the property known as The Bosveld Bela Bela Shopping Centre, situated at 26 Potgieter
Road, Bela Bela ("Bosveld Mall") for an aggregate of R88 000 000 (exclusive of VAT) (the
"Transaction"). The ultimate beneficial owners of Morsim Developments Properties (Pty) Ltd is
Mr Charlie Bentel and Mr Max Sacks.
The Transaction forms part of Accelerate's ongoing strategic repositioning and restructuring
programme. Accelerate intends to apply the proceeds of the disposal to the reduction of debt.
2. TRANSACTION TERMS
The effective date of the Transaction will be the date of registration of the Bosveld Mall into the
name of the Purchasers. The purchase consideration will be paid through a cash consideration
of R88 000 000 against registration of transfer of the Property.
There is 3% sales commission payable on the Transaction by the Seller.
A rental guarantee will be provided by the seller to the value of R 85,320 per month (exclusive of
VAT) on existing vacancies for a 12-month period post-transfer. To the extent certain vacancies
are filled the guarantee amount payable will be reduced on a pro-rata basis.
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: 26 Potgieter Road, Bela Bela, Limpopo
Sector: Retail
Weighted Average Gross Rental (R/m2): 118
Gross lettable area (GLA) (m2): 15 991
Valuation (R): 95 000 000
The Directors' valuation of the Property as at 30 September 2025 (which the Company is satisfied
with) was based on cash flows and forward net income achieved by the Properties at valuation
date. The Directors of Accelerate are not registered as professional advisors or as professional
associate advisors in terms of the Property Valuers Profession Act, No 47 of 2000.
4. FINANCIAL INFORMATION
The net expected cash proceeds from the Transaction is approximately R85 360 000. The net
operating income (excluding straight-lining rental income adjustments) of the Property for the
6-month period ended 30 September 2025, was c.R3,8 million. The disposal yield is 8,6%.
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
27 January 2026
Equity and Debt Sponsor
Questco Corporate Advisory
Date: 27-01-2026 02:30:00
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