TEXTON PROPERTY FUND LIMITED - Disposal of non-core properties and update on the acquisition of the Blend Portfolio

Disposal of non-core properties and update on the acquisition of the Blend Portfolio

TEXTON PROPERTY FUND LIMITED
Granted REIT status by the JSE
(Incorporated in the Republic of South Africa)
(Registration number 2005/019302/06)
JSE code: TEX
ISIN: ZAE000190542
(“Texton” or “the Company”)



DISPOSAL OF NON-CORE PROPERTIES AND UPDATE ON THE BLEND ACQUISITION

1.    DISPOSAL OF NON-CORE PROPERTIES
      Shareholders are advised that, in line with its stated strategy of disposing of non-core properties,
      Texton has successfully disposed of the following properties to various vendors (the “Disposals”):

                                                                                               
      Property name                 Sector      GLA (m2)     Date of transfer          Cost price           Sales price
                                                                                       (R’000)              (R’000)
      Vodacom Park &                Office /
      Linger Longer                 Retail      5 698        26 September 2016         49 300                71 000 (1)
                      
      Perseus Park                  Office      3 837        16 November 2016          60 700                61 900

      Murrayfield Forum             Office      1 417        08 December 2016           6 700                 3 500

      Standard Bank Randburg        Office      8 144        15 December 2016          24 500                27 000

      Total                                    29 096                                 141 200               163 400
          
      (1) The sales price is the combined price for both the Vodacom properties.

      Each of the disposals represents less than 5% of Texton’s market capitalisation in terms of the Listings
      Requirements of the JSE, and, accordingly, the disclosure contained in paragraph 1 of this
      announcement is voluntary.

2.    UPDATE ON THE BLEND ACQUISITION

      Shareholders are referred to the announcement released on SENS on 17 August 2016 (the “Revised
      Announcement”) relating to the acquisition of two property portfolios in South Africa and in the
      United Kingdom (collectively, the “Blend Acquisition”).

      Texton successfully completed the acquisition of the Heapham Road and Mowbray House properties,
      both located in the UK. The combined purchase consideration for the two properties was R279.35
      million and paid in cash utilising a 5-year term pound sterling facility fixed at an all-in rate of 2.49%.

      Pursuant to discussions with the vendor of the Blend portfolio, the agreement to acquire the 2 office
      properties located in Bedfordview, South Africa, being 18 Skeen Boulevard and 16 Skeen Boulevard,
      has been cancelled.

Hyde Park
14 December 2016

Corporate advisor and sponsor
Investec Bank Limited

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