MAS REAL ESTATE INC - Agreement to lease on Caltongate Hotel concluded and sale of UK student residential property completed

Agreement to lease on Caltongate Hotel concluded and sale of UK student residential property completed

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”)


AGREEMENT TO LEASE ON CALTONGATE HOTEL CONCLUDED AND SALE OF UK STUDENT RESIDENTIAL PROPERTY COMPLETED


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 (“Artisan IP 10”), entered into an agreement to lease with
Adagio Hotels UK Limited (“Adagio Agreement to Lease”), guaranteed by Accor SA and Pierre & Vacances SA
(“Adagio”).

Adagio will occupy the iconic hotel to be built fronting directly onto the Royal Mile in Edinburgh on the one side,
and the newly built public square on the other. This hotel forms an integral part of the overall development,
which includes a pedestrian-friendly urban hub mixing open public spaces with independent retailers,
restaurants, and leisure offerings, as well as new homes and offices.

In addition, through its wholly-owned subsidiary MAS (IOM) Holdings Limited, MAS has completed the sale of all
the issued shares in Golden Cross Properties Limited which holds the Metchley Hall property situated in
Birmingham, UK.

RATIONALE AND SALIENT TERMS

Adagio Agreement to Lease
Adagio is a leading operator of aparthotels and is owned by Accor SA, the world's leading hotel operator and
market leader in Europe, and Pierre & Vacances Center Parcs, the European leader in local tourism; both
entities guarantee the lease. A high quality aparthotel offering on the Royal Mile is an integral part of the
development of the former Caltongate site and the Adagio Agreement to Lease is an important step in the
development of the scheme. The construction of the hotel is planned to start imminently.

The Adagio Agreement to Lease is conditional upon the tenant obtaining a satisfactory premises license as well
as the actual construction of the hotel.

Metchley Hall Disposal
The Company purchased the disused Golden Cross pub in 2010 and constructed the 67 bed student property to
be ready in time for the student intake in September 2011. After a period of stabilisation of the asset, the
directors have considered it appropriate to exit the student accommodation sector whilst the market cycle
remains strong.
                                                                              
This announcement is voluntary and is for information purposes only.


31 March 2014


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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