Stock Exchange News Service

Acquisition Of Property Portfolio In Germany

MAS Real Estate Inc.
Registered in the British Virgin Islands
Registration number 1750199
Registered as an external company in the Republic of South Africa
Registration number 2010/000338/10
JSE share code: MSP
ISIN: VGG5884M1041
(“MAS” or “the Company”)



Shareholders are advised that MAS, through three wholly-owned subsidiaries, Brandenburg Capital S.a.r.l.,
Magdeburg Capital S.a.r.l. and Leipzig Capital S.a.r.l. has concluded a sale and purchase agreement (“SPA”) to
acquire a portfolio of properties throughout northern and central Germany (the “properties”) under a sale and
leaseback arrangement from various subsidiaries of Edeka MIHA AG (the “acquisition”).


The purchase price for the acquisition is EUR56 010 400 which is anticipated to be settled out of cash
resources. The properties comprise 20 buildings operated either as supermarkets or cash and carry outlets let to
part of Edeka MIHA AG, a leading supermarket brand, with a total site area of 182 554 sq mt. of which 51 109 sq
mt is lettable together with 1 552 parking spaces and a weighted average lease term of 15 years. The board of
MAS is of the view that this acquisition enhances the overall property portfolio of MAS and the strong tenant
covenant fits well with the Company's objective of delivering a growing income distribution.

The current annual rent roll of the properties is EUR3 849 000 per annum and the properties are expected to
deliver an average of 6.5% core income after costs and income tax.


                                                                 Site    Rental                  Rent      /sq     
 Address                                                         Size      area      Parking     p.a.       mt     Valuation
                                              State             sq mt     sq mt      Spaces       EUR      EUR        in EUR                              

 Berlin Treptow, Heidelberger Strasse 90      Berlin            6,984      1,674         85    291,000    14.49    4,610,000
 Berlin-Spandau, Flankenschanze 32            Berlin            3,893      1,432        145    244,000    14.20    3,730,000
 Gröningen, Goethepromenade 13                Sachsen Anhalt    8,916      1,170         75     92,000     6.55    1,300,000
 Haldensleben, Waldring 110                   Sachsen Anhalt    5,617      1,470         42    130,000     7.37    1,870,000
 Holzminden, Bahnhofstr 12                    Niedersachsen     6,310      1,924        160    249,000    10.78    3,690,000
 Müllrose, Alte Poststr 1                     Brandenburg       8,824      1,676         48    261,000    12.98    3,850,000
 Nebra, Erlenweg 3                            Sachsen Anhalt    6,900      1,423         66    140,000     8.20    2,020,000
 Nienburg (Saale), Adolf Meyer Str 15         Sachsen Anhalt    3,884        989         70     99,000     8.34    1,400,000
 Oldisleben, Marktstrasse 8                   Thüringen         3,696        965         54    109,000     9.41    1,480,000
 Panketal, Bernauer Str 44-53                 Brandenburg       8,949      1,656        100    233,000    11.73    3,630,000
 Potsdam, Rudolf Breitscheid Str 193          Brandenburg       4,098      2,012         35    250,000    10.35    3,900,000
 Raguhn, Hallesche Str 51a                    Sachsen Anhalt    6,526        859         49     87,000     8.44    1,210,000
 Sandersdorf- Brehna, Platz des Friedens 10   Sachsen Anhalt    7,703      1,630         95    213,000    10.89    3,170,000
 Sangerhausen, Bahnhofstr 21                  Sachsen Anhalt    1,911        888         18     91,000     8.54    1,250,000
 Thale- Neinstedt, Neinstedter Haupstr 29     Sachsen Anhalt    2,779        709         40     80,000     9.40    1,080,000
 Wilhelmshafen, Am Wiesenhof 147-148          Niedersachsen     1,379      1,140          0     85,000     6.21    1,190,000
 Magdeburg, Ihleburger Str 6                  Sachsen Anhalt   28,054      8,428        150    320,000     3.16    4,260,000
 Wernigerode, Otto von Guericke Str 1a        Sachsen Anhalt   18,136      6,455        120    300,000     3.87    3,950,000
 Schkeuditz,Westringstrasse 183               Sachsen          30,311      9,167        130    375,000     3.41    4,980,000
 Soltau, Vor dem Weiherbusch 9                Niedersachsen    17,684      5,442         70    200,000     3.06    2,560,000

The board of MAS is satisfied that the values of the properties are within an acceptable range of the purchase
prices being paid by MAS as the properties have been independently valued by professional valuers, Cushman
& Wakefield as at 29 February 2016.


All material conditions precedent (“CPs”) for the Berlin-Treptow, Berlin-Spandau, Sandersorf-Brehna,
Haldensleben, Holzminden, Mülrose, Nebra, Panketal and Potsdam (“essential purchase objects”) are fulfilled.
The effective date of the acquisition is anticipated to be by the end of August 2016 and is subject to various
outstanding CPs on all the properties other than the essential purchase objects:

   -   Confirmation that the municipality’s waiver of statutory pre-emptive rights and all permits for the execution
       of the SPA are with the notary;
   -   Registering the priority notice of conveyance or confirming such registration is secured by the notary;
   -   Ensuring there are no obstacles to the contractual registration of ownership of the buyer (except missing
       clearance certificates regarding real estate transfer tax and the application of transfer of ownership to the
       land register);
   -   Cancellation of easements / land charges documents to be handed over to the notary;
   -   Waiving any further security rights by the seller's financing bank; and
   -   Handing over the necessary approvals of the respective authorities for the properties located in a re-
       development or development area to the notary (regarding the SPA, the leases and land charges still to be
       registered (up to 120% of the single purchase price per respective property plus 18% interest and 15%
       one-time payment).

Should any of the CPs not be met for any of the properties by the effective date, those properties will be not be
acquired. If any of the properties are not acquired, a further announcement will be released detailing which
properties were not acquired.


The acquisition is categorised as a Category 2 transaction under the JSE Listings Requirements.

MAS is dual primary listed on the Main Board of the JSE and the Euro MTF Market of the LuxSE.

5 April 2016

For further information please contact:
Helen Cullen, Company Secretary, MAS Real Estate Inc.                            +44 1624 625 000
Java Capital, JSE Sponsor                                                        +27 11 722 3050
Andrew Smith, M Partners, Luxembourg                                             +352 263 868 610

Date: 05/04/2016 12:00:00 
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