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NEWPARK REIT LIMITED (Incorporated in the Republic of South Africa)
(Registration number: 2015/436550/06) JSE share code: NRL ISIN: ZAE000212783 (Approved as a REIT by the JSE) ("Newpark" or "the company") TRADING UPDATE
Newpark is pleased to announce that the company has entered into a new lease with the existing tenant, Hellerman Tyton Proprietary Limited, at its Linbro Business Park property. The current lease was due to expire in December 2024 with the new lease being entered into for a 10 year period commencing in January 2024. The lease agreement includes terms for an extension to the property and improvements thereto, providing for the tenant's increased space requirements and for a solar installation. The total estimated cost of the extension and improvements are expected to be c. R31,4 million and development works will commence during June 2023. On conclusion, the gross lettable area of the Linbro Business Park property will increase by 1,236m'.
The lease renewal extends Newpark's weighted average lease expiry from 2,9 years to 5,0 years.
The terms of the lease renewal are in line with expectations and have no material impact on the guidance previously given for Funds from Operations of between 63,83 and 70,55 cents per share for the financial year ending 28 February 2024. 7 June 2023 Designated advisor Java Capital Date: 07-06-2023 03:05:00
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