Update on closing of offshore acquisition and private placement Accelerate Property Fund Limited Approved as a REIT by the JSE (Incorporated in the Republic of South Africa) (Registration number 2005/015057/06) Share code: APF ISIN: ZAE000185815 (“Accelerate”) UPDATE ON CLOSING OF THE OFFSHORE PORTFOLIO ACQUISITION AND PRIVATE PLACEMENT Shareholders are referred to the announcements released on the Stock Exchange News Service ("SENS") on 24 October 2016 and 11 November 2016 respectively, relating to the acquisition of an offshore portfolio (“Proposed Transaction”) and Accelerate’s intention to implement an equity raise via a private placement (“Private Placement”) to be issued in terms of a vendor consideration placing. Accelerate is pleased to announce that all conditions precedent relating to the Proposed Transaction have been fulfilled, with the exception of administrative conditions precedent to the draw-down of the Euro debt facility, which are expected to be completed by the closing date. Accordingly the effective date for completion of the Proposed Transaction and transfer of ownership of the properties is expected to be on or about 19 December 2016. Pursuant to the above, Accelerate has successfully concluded the Private Placement through the issue of 125 million shares at R6.10 per share, to shareholders that irrevocably committed to subscribe for such new shares in the Private Placement following the announcement on 11 November 2016. The Private Placement was oversubscribed. Authorisation has been received from the JSE for the listing of the 125 million new Accelerate shares in the “Financial services – Diversified Real Estate Investment Trust” sector of the official lists under the share code “APF”, with effect from the commencement of trade on the JSE on Thursday 8 December 2016. Fourways 8 December 2016 Investment Bank and Transaction Sponsor Investec Bank Limited Sponsor The Standard Bank of South Africa Limited Date: 08/12/2016 08:45:00 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.