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Voluntary Announcement – Disposal Of 6 Talana Close
SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
(“Spear” or “the Company”)
VOLUNTARY ANNOUNCEMENT – DISPOSAL OF 6 TALANA CLOSE
Shareholders are hereby advised that on 17 December 2021, Spear entered into a sale of
letting enterprise agreement (“Agreement”) with GMCC Investments Proprietary Limited
(“Purchaser”), which Agreement was amended by an addendum dated 24 December 2021,
in terms of which Spear will sell the immovable property known as Erf 21623 Bellville, situated
at 6 Talana Close, Bellville (“Property”) and the letting enterprise conducted by it on such
Property, to the Purchaser for a purchase consideration of R71,400,000 (“Proposed
Transaction”).
Shareholders are further advised that the conditions precedent contained in the Agreement
have been fulfilled and that the Proposed Transaction has accordingly become unconditional.
The Proposed Transaction is in line with Spear’s LTV reduction roadmap set out to the market
as the strategic objective is to reduce group LTV to a range of between 38% - 43%. The
disposal will further reduce Group LTV by 82bps. Post the finalisation of the disposal the
forecasted Group LTV will be between 38% - 39%. The anticipated transfer date will be post
the year ending 28 February 2022.
The disposal has been concluded at a 6% net premium to Spear’s latest reported book value
after deducting all transaction costs associated with the disposal. The disposal reinforces the
conservative nature of Spear’s portfolio valuations and gives further credence to overall
portfolio valuations. The disposal of the asset aligns further with the Spear’s strategy of
prudently recycling capital into longer dated income producing investment opportunities within
the Western Cape into industrial logistics, warehousing, convenience retail and strategically
positioned commercial assets.
The Proposed Transaction is uncategorised in terms of the JSE Limited Listings
Requirements, and the information contained in this announcement has been voluntarily
disclosed by the Company.
Cape Town
08 February 2022
Sponsor
PSG Capital
Date: 08-02-2022 03:20:00
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