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Global Credit Ratings affirms Accelerate Property Fund's Senior Unsecured Rating of BBB+(ZA), outlook stable
Accelerate Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/015057/06)
Ordinary share code: APF ISIN: ZAE000185815
Debt securities code: APFE ISIN: ZAG000120973
(“Accelerate” or “the Company”)
(REIT status approved)
GLOBAL CREDIT RATINGS AFFIRMS ACCELERATE PROPERTY FUND’S SENIOR UNSECURED RATING OF BBB+(ZA);
OUTLOOK STABLE
On 10 March 2015 Global Credit Ratings affirmed its initial national scale senior unsecured ratings
assigned to Accelerate Property Fund Limited of BBB+(ZA) and A2(ZA) in the long and short term
respectively. The outlook was accorded as Stable.
This affirmation follows Accelerate’s announcement in October 2014 that it successfully entered the
debt capital markets with the completion of its debut senior secured commercial paper issuance off a
newly established R5 billion Domestic Medium Term Note Programme registered with the JSE.
Andrew Costa, Chief Operating Officer of Accelerate commented:
“Accelerate is reasonably geared and has a healthy interest coverage ratio in excess of 2.7
times.
Our investment grade senior unsecured rating together with our senior secured rating of AA-
(ZA) provides significant comfort to our investor base and forms the cornerstone of our capital
markets funding.
Access to capital markets provides us with a lower cost of funding and importantly, funding
diversification.”
Eyal Shevel, Head of Corporate Ratings at Global Credit Ratings commented:
“Accelerate, which listed in December 2013, is a mid-sized REIT that has a property portfolio of
sound quality and a longstanding history. Its portfolio is characterised by its exposure to the
retail sector, and in particular to shopping malls located in the Fourways node of Gauteng.
This exposure is complemented by office properties, but is expected to reduce slightly in the
short term as a result of large acquisitions in 2H F15. Over the longer term, however, the
Fourways area remains pivotal to Accelerate’s overall strategy, and it expects to buy into the
90,000m2 off-balance sheet extension of Fourways Mall in 2018.
Accelerate reports sound growth prospects, as a result of a strong pipeline of opportunities
over the medium term.
An improvement in the current rating would be subject to the portfolio having stabilised and
earnings growth achieved such that the net debt to EBITDA margin is reduced to within GCR’s
benchmark for “A” band rated domestic property funds.”
The full report published by Global Credit Ratings is available on Accelerate’s website
(www.acceleratepf.co.za).
Johannesburg
10 March 2015
Equity Sponsor
KPMG Services (Pty) Limited
Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
ENQUIRIES
Accelerate Property Fund +27 10 001 0790
Andrew Costa – Chief Operating Officer
John Paterson - Director
Instinctif Partners +27 (0) 11 447 3030
Morné Reinders +27 (0) 82 480 4541
Louise Fortuin +27 (0) 71 605 4294
Date: 10/03/2015 09:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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