FAIRVEST PROPERTY HOLDINGS LIMITED - Update regarding Put Option Acquisition and Nyanga Junction Acquisition

Update regarding Put Option Acquisition and Nyanga Junction Acquisition

Fairvest Property Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 1998/005011/06)
Linked unit code: FVT   ISIN: ZAE000034658
(“Fairvest” or “the Company”)

UPDATE REGARDING PUT OPTION ACQUISITION AND NYANGA JUNCTION
ACQUISITION

1.   UPDATE REGARDING THE PUT OPTION ACQUISITION

     Linked unitholders are referred to the Company’s circular to
     linked unitholders dated 5 October 2012 (“the Circular”),
     containing details regarding, inter alia, the Put Option
     Acquisition.

     Linked unitholders are advised that SA Corporate Real Estate
     exercised the Put Option in respect of the Gingindlovu
     Property detailed in the Circular for a purchase consideration
     of R5 000 000, and that the property will accordingly be
     acquired by the Company at that price, with transfer of
     ownership expected to be registered by 1 June 2013.

     SA Corporate Real Estate did not exercise the Put Option in
     respect of the remaining Put Option Property (being the
     Middelburg Property detailed in the Circular) by 31 March
     2013, meaning that the Put Option has expired in respect of
     that property.

2.   UPDATE REGARDING THE NYANGA JUNCTION ACQUISITION

     Linked unitholders are referred to the Company’s SENS
     announcement dated 28 January 2013 (“the Nyanga Junction
     Announcement”), regarding the Nyanga Junction Acquisition.

     With reference to the condition precedent referred to in
     paragraph 6.4 of the Nyanga Junction Announcement, linked
     unitholders are hereby advised that the parties to the Nyanga
     Junction Acquisition have since agreed to extend the date by
     which written consent to the assignment of the Notarial Lease
     to the Company is to be obtained from the Passenger Rail
     Agency of South Africa (being the owner of the Nyanga Junction
     Property), by 45 days from the previous date of 31 March 2013.

3.   REGISTRATION OF TRANSFER OF VEREENIGING PROPERTY

     The Company advised linked unitholders in its condensed
     consolidated results for the six months ended 31 December
     2012, as released on SENS on 27 March 2013, that registration
     of   transfer  of   the  Pick   n   Pay  Vereeniging   property
     (“Vereeniging Property”) to the Company was still pending.
   
     Linked unitholders are hereby advised that registration of
     transfer of ownership of the Vereeniging Property to the
     Company occurred today.    Further particulars regarding the
     Vereeniging Property are disclosed in the Circular referred to
     above.


10 April 2013
Cape Town

Sponsor
PSG Capital

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