INVESTEC PROPERTY FUND LIMITED - Update on the Griffin acquisition and vendor placement

Update on the Griffin acquisition and vendor placement

INVESTEC PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Reg. No: 2008/011366/06)
Approved as a REIT by the JSE
Share Code: IPF
ISIN: ZAE000180915
("Investec Property Fund" or "the Fund")


UPDATE ON THE GRIFFIN ACQUISTION AND VENDOR PLACEMENT


Investec Property Fund shareholders (“IPF Shareholders”) are referred to the announcement
released by the Fund on the Stock Exchange News Service of the JSE Limited (“SENS”) on
Friday, 5 June 2015, in which the Fund announced that it had concluded agreements to acquire a
portfolio of 22 properties from Griffin Holdings Proprietary Limited for an aggregate consideration of
R826.4 million (“Griffin Acquisition”).

As detailed in the SENS announcement dated Wednesday, 17 June 2015, in order to facilitate the
Griffin Acquisition:

    -   Investec Bank Limited (“Investec”) disposed of 35,761,709 Investec Property Fund shares at
        a price of R15.70 per share through a secondary placement on the market via an accelerated
        bookbuild process (“Bookbuild”); and
    -   Investec irrevocably committed to subscribe for 35,761 709 Investec Property Fund shares in
        terms of a vendor placement at a price equal to that achieved in the Bookbuild (“Vendor
        Placement Shares”).

The Griffin Acquisition is now unconditional in respect of 19 of the 22 properties, and these properties,
valued at R633.3 million, have transferred to the Fund. As a result, the Fund has issued the Vendor
Placement Shares for a value of R561 million at an ex-dividend price of R15.70. The balance of the
purchase consideration of R71.9 million was funded using existing debt facilities.

The AGCO industrial property in Pomona, Danmar / Sabaru dealership in Longmeadow and the
Commerce Corner multi-tenanted office building in Randburg (“Remaining Properties”) which have a
combined value of R193.1 million, are in the process of being transferred to the Fund and IPF
Shareholders will be updated once the remaining transfers have been concluded. The purchase of the
Remaining Properties will be funded using existing debt facilities.

Johannesburg
2 November 2015

Sponsor: Investec Bank Limited

Date: 02/11/2015 10:36:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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