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APFE - Financial Covenants Notification
Accelerate Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/015057/06)
Company code: APFE
LEI: 378900D514788C447E45
(Approved as a REIT by the JSE)
(“Accelerate” or the “Issuer”)
FINANCIAL COVENANTS NOTIFICATION
Noteholders are advised of the following financial covenant requirements applicable to the notes for
the measurement period ended 30 September 2022 (“Measurement Period”):
• the Loan to Value Ratio does not exceed 50%;
• the Secured Properties Loan to Value Ratio does not exceed 50%;
• the Interest Cover Ratio shall be greater than 1,7 times; and
• the Secured Properties Interest Cover Ratio shall be greater than 1,7 times.
Accelerate wishes to further advise noteholders that the testing of the Issuer’s compliance with the
financial covenants for the Measurement Period has been completed and has been successfully
passed. Accelerate confirms that:
• the Loan to Value Ratio measures at 42,1%;
• the Secured Properties Loan to Value Ratio measures at 43,1%;
• the Interest Cover Ratio measures at 1,9 times; and
• the Secured Properties Interest Cover Ratio measures at 1,9 times.
The compliance certificate is available for inspection at Accelerate’s registered office during normal
working hours.
15 December 2022
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 15-12-2022 10:40:00
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