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Voluntary announcement regarding the Bankenveld District City Development
CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/027663/06)
JSE Share code: CGR
ISIN: ZAE000109203
Company Alpha Code: CGRI1
LEI: 3789003B0859E9438F25
("Calgro M3" or "the Company")
VOLUNTARY ANNOUNCEMENT REGARDING THE BANKENVELD DISTRICT CITY DEVELOPMENT
Calgro M3 is pleased to announce the exercise of an option to take up a transformative project on the doorstep
of Sandton, Africa's richest square mile and the economic heart of the country. On 1 March 2024, the joint
venture partnership between Calgro M3 and Eris Property Group ("Eris") formalised the acquisition of a
strategic land parcel, marking the commencement of the ambitious Bankenveld District City development,
poised to deliver between 20 000 to 30 000 housing units alongside significant commercial, retail, and
industrial spaces. Approximately 34% of the land is dedicated to infrastructure, including roads, stormwater
management, and extensive recreational and green belt areas, enhancing the quality of life for residents and
the surrounding communities.
In terms of the Calgro M3 and Eris joint venture agreement, both parties will share the cost of the infrastructure
installation required for the development. Whereafter, Calgro M3 will be responsible for the residential
components of the development, while Eris will handle the commercial, retail, industrial, educational and
healthcare components for their own benefit.
Bankenveld District City is a visionary project aimed at promoting socio-economic upliftment on an
unprecedented scale. Strategically situated to bridge the gap between affordability and access to Sandton's
economic hub, Bankenveld District City will be a testament to innovative planning and sustainable
development.
The project, with the potential of generating upwards of R18 billion in revenue, marks a significant milestone,
more than doubling Calgro M3's existing project pipeline. As at the release of the interim results for the period
ended 31 August 2023, Calgro M3 had a property pipeline of R15.5 billion, consisting of 20 239 units. The
Company was active across 8 projects and had 2 118 units under construction at the time.
This financial injection is expected to support the Company's correct valuation, reflecting the development's
substantial value and impact on the communities Calgro M3 serves.
Johannesburg
2 April 2024
Equity and Debt Sponsor
PSG Capital
Date: 02-04-2024 07:30:00
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