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Transactional update
EQUITES PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/080877/06)
Share code: EQU ISIN: ZAE000188843
JSE alpha code: EQUI
(Approved as a REIT by the JSE)
(“Equites” or “the Company”)
TRANSACTIONAL UPDATE
Shareholders are referred to announcements released on 19 April 2022 and on 4 May 2022 relating to the sale
of land from Equites, through its subsidiary Equites Newlands Group Limited (“ENGL”) to Lidl Great Britain
Limited (“Lidl”) and the sale of land and turnkey developments for Arrow Capital Partners (“Arrow
Capital”) in Basingstoke, England (“the Property”).
As indicated in these announcements, the transactions are subject to conditions, including, inter alia, the
approval of the Basingstoke & Deane Borough Council (“BDBC”) for a warehouse development at the Property.
Although the planning application was recommended for approval by the Council officials, a committee of
the BDBC has refused the initial application on the grounds of landscape and visual impact implications.
ENGL is in the process of appealing, expecting a decision late 2022 or early 2023. It is not uncommon to
experience some delays in obtaining planning approval, which is why the transaction agreements with Lidl
and Arrow Capital have long-stop dates for fulfilment of conditions of 31 December 2023.
The BDBC has confirmed that the Property remains part of the council plan identified as an employment
location, which will drive development of the Property, for which there is broad local support.
The delay in obtaining planning approval will not impact Equites’ distribution per share (“DPS”) and, given
its ongoing development activity in the UK and in SA, Equites is able to reaffirm it will meet its distribution
per share guidance and total return forecast for the current financial year (“FY23”), notwithstanding that an
increase in net asset value per share from the transactions is unlikely to come through in FY23 and the planning
delay may have some impact, not expected to be material, on development costs and profit.
The Property is carried at cost and Equites has not recognised any fair value uplifts on this land to date. The
second instalment relating to the sale of the Property is also subject to planning approval which is not
dependent on any additional material investment by Equites.
13 June 2022
Corporate advisor and sponsor to Equites
Java Capital
Debt sponsor
Nedbank Corporate and Investment Banking,
(a division of Nedbank Limited)
Date: 13-06-2022 04:00:00
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