INDLUPLACE PROPERTIES LIMITED - Indluplace reaches settlement with Monash South Africa NPC (MSA) in relation to outstanding rental payments

Indluplace reaches settlement with Monash South Africa NPC (“MSA”) in relation to outstanding rental payments

INDLUPLACE PROPERTIES LIMITED
(previously Arrowhead Residential Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2013/226082/06)
JSE share code: ILU ISIN: ZAE000201125
(Approved as a REIT by the JSE)
(“Indluplace”)


INDLUPLACE REACHES SETTLEMENT WITH MONASH SOUTH AFRICA NPC (“MSA”) IN RELATION TO OUTSTANDING RENTAL PAYMENTS


1.   As reported in the Indluplace Prospectus issued on 3 June 2015, Indluplace and MSA were involved in
     a legal dispute regarding the lease agreement with MSA in respect of Indluplace’s Honey Park
     property portfolio consisting of 333 two-bedroom units in three complexes.

2.   MSA and Indluplace had in the interim agreed to restore Indluplace to vacant possession of one of the
     three complexes, namely Ironwood. Indluplace has already begun re-letting Ironwood and demand for
     the units is strong with about 30% of the 97 units in the complex already let.

3.   The parties have now agreed to settle their dispute. The settlement has been made without any
     admission of liability by either party and in full and final settlement of all claims between them,
     including the withdrawal of the litigation, on the following material terms:

     3.1. MSA shall pay R10 750 000 in respect of all historic and future rental payable by MSA to
          Indluplace in consideration for remaining in occupation of the remaining two properties, namely
          Redwood and Rosewood, until 30 November 2015.

     3.2. MSA shall restore vacant occupation of the Rosewood and Redwood properties to Indluplace on
          30 November 2015 whereupon Indluplace will immediately commence re-letting these properties.

15 July 2015


Sponsor

Java Capital

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