Acquisition of AFHCO Holdings Proprietary Limited – fulfillment of suspensive conditions SA Corporate Real Estate Fund A Collective Investment Scheme in Property registered in terms of the Collective Investment Schemes Control Act, No. 45 of 2002 ("the Act") and managed by SA Corporate Real Estate Fund Managers Limited (Registration number 1994/009895/06)("the Manager") Share Code: SAC ISIN Code: ZAE000083614 (“SA Corporate” or "the Fund") Registered as a REIT ACQUISITION OF AFHCO HOLDINGS PROPRIETARY LIMITED (“AFHCO”) – FULFILLMENT OF SUSPENSIVE CONDITIONS 1. FULFILLMENT OF SUSPENSIVE CONDITIONS Further to the announcements released on the Securities Exchange News Service (“SENS”) on Monday, 3 March 2014, Tuesday, 22 April 2014, and Tuesday, 29 April 2014 regarding the acquisition by SA Corporate of the entire issued share capital of Afhco (“the Transaction”), all suspensive conditions to the Transaction, including the unconditional approval of the Competition Tribunal, have been fulfilled and the Transaction is now unconditional. The effective date of the Transaction will be 1 July 2014. 2. REVISED PROPERTY PORTFOLIO As communicated in the announcement released on SENS on Tuesday, 22 April 2014, it was envisaged that Afhco enters into a sale and purchase agreement with the minority shareholder (“Minority Shareholder”) of Rapiprop 101 Proprietary Limited (“Rapiprop”) to acquire its shareholding in the jointly owned subsidiary (which owns the two properties – Elgin Court and Jeppe Street Mall). After discussions with the Minority Shareholder, Afhco has concluded an agreement (the “Minority Agreement”) to purchase only Jeppe Street Mall directly from Rapiprop instead of the Minority Shareholder’s 50% shareholding in Rapiprop. The original Afhco property portfolio of approximately R953 million will now exclude the Elgin Court property of R25.6 million. Accordingly the revised Afhco property portfolio will consist of 26 properties valued at approximately R928 million. The original purchase consideration (before any purchase price adjustments) of R278.5 million will be reduced to approximately R266.2 million (Elgin Court property value of R25.6 million less debt of R13.3 million). 3. CONCLUSION OF FURTHER TRANSACTIONS In addition to concluding the Minority Agreement, SA Corporate has purchased the entire share capital of Cross Atlantic Properties 117 Proprietary Limited, the owner of Stuttafords House (which is a development property located on the corner of Pritchard and Rissik Streets, JHB Inner City CBD) from the Plit Brothers for R35 million. The strategy for Stuttafords House is to develop 181 residential units across the 9 upper floors and retain the 926m² of current ground floor retail including an existing McDonald’s. SA Corporate is also finalising discussions to purchase the remaining 50% undivided share in Newgate that Afhco does not already own. Johannesburg 30 June 2014 Investment Bank and Financial Advisor Investec Bank Limited Legal Advisors Webber Wentzel Sponsor Nedbank Capital Legal Advisors to the Sellers DLA Cliffe Dekker Hofmeyr Date: 30/06/2014 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.