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MAS REAL ESTATE INC - Voluntary Announcement: Major Hotel Leases Agreed

Release Date: 06/12/2013 17:00
Code(s): MSP     PDF:  
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Voluntary Announcement: Major Hotel Leases Agreed

MAS Real Estate Inc.
(formerly MAS plc)
Registered in the British Virgin Islands
Registration number 1750199
Registered as an external company in the Republic of South Africa
Registration number 2010/000338/10
SEDOL (XLUX): B96VLJ5
SEDOL (ALTX): B96TSD2
JSE share code: MSP
ISIN: VGG5884M1041
(“MAS” or the “Company”)

MAJOR HOTEL LEASES AGREED

INTRODUCTION
Shareholders are advised that MAS, which has its primary listing on the Euro MTF market of the Luxembourg
Stock Exchange and a secondary listing on the Alternative Exchange of the JSE, has, through its wholly-owned
subsidiary Artisan Investment Projects 10 Limited (“IP 10”), signed agreements for lease (the “Agreements”)
with Premier Inn Hotels Limited (“Premier Inn Hotels”) and Premier Inn Ochre Limited (“Premier Inn Ochre”)
(collectively, the “Tenants”), under which Agreements the leases are guaranteed by the Whitbread Group plc
(“Whitbread”).


Premier Inn Hotels and Premier Inn Ochre will occupy two hotels which will be constructed on the large-scale
development on the Royal Mile in Edinburgh, formerly known as Caltongate, owned by IP 10. The two hotels will
sit next to each other with frontages on to East Market Street, opposite the Edinburgh City Council. They are set
to form an integral part of the overall development which includes a pedestrian-friendly urban centre mixing open
public spaces with independent retailers, restaurants, and leisure offerings - as well as new homes and offices.

RATIONALE
Whitbread is a FTSE 100-listed company and the largest hotel, restaurant and coffee operator in the UK.                   A
high quality hotel offering is an integral part of the development of the former Caltongate site and the
Agreements are an important first step in the development of the scheme. The construction of the hotels is
planned for completion by the end of 2015.


The Hub Hotel, a new concept for Whitbread, will be the first of its type outside of London, demonstrating the
attractiveness of the central Edinburgh location.


SALIENT TERMS AND CONDITIONS PRECEDENT
The Agreements are conditional upon the Tenants obtaining a satisfactory premises license and the developer
obtaining a satisfactory planning permission. The date for the planning decision by the Edinburgh City Council is
currently set for 29 January 2014.


This announcement is voluntary and is for information purposes only.

6 December 2013
For further information please contact:
Helen Cullen, Company Secretary, MAS Real Estate Inc.         +44 1624 625000
Java Capital, JSE Sponsor                                     +27 11 2830042
Charl Brand, M Partners, Luxembourg                           +352 263868602

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