Stock Exchange News Service

Forward sale of pre-let UK government office in Edinburgh

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
LEI code: 213800T1TZPGQ7HS4Q13
(“MAS” or “the Company” or “the Group”)


Shareholders are referred to the announcement dated 13 July 2017, wherein MAS announced that it had, through its
wholly-owned subsidiary, New Waverley 20 Limited, entered into a lease with the UK government (“the pre-let
agreement”) for the office component of the New Waverley development in Edinburgh, Scotland (“the pre-let office”).
The pre-let agreement encompasses a lease, with a UK government guarantee, for a term of 25 years commencing
upon practical completion of the development. The lease has a tenant break at year 20 and option to extend for a
further 10 years. The 189,111 sq ft development is expected to complete in June 2019.

Shareholders are hereby advised that New Waverley 20 Limited entered into an agreement to dispose of the office
land at New Waverley to Legal & General and to develop the pre-let office on a forward-sold basis for Legal & General
(the “Forward Funding Agreement”). The Forward Funding Agreement provides for funds to be drawn down by the
Company, as developer, from Legal & General against development costs incurred. New Waverley 20 Limited will
initially receive the land value of £20.8 million (approximately €23.5 million) upon disposal of the office land, with
further development profits payable upon practical completion.

The transaction reflects the strong income stream, covenant strength and rare prime city centre development
opportunity afforded by the New Waverley development. The risk-free nature of the income stream from the UK
government lease and guarantee has attracted significant interest from large institutional investors. The disposal
facilitates the recycling of capital into further opportunities as part of the Group’s stated investment strategy.

This announcement is voluntary and for information purposes only.

MAS is listed on both the Main Board of the JSE and the Euro MTF market of the LuxSE.

17 October 2017

For further information please contact:

Helen Cullen, Company Secretary, MAS Real Estate Inc.                      +44 1624 625 000
Java Capital, South African corporate advisor and JSE sponsor              +27 11 722 3050
Charl Brand, M Partners, Luxembourg                                        +352 263 868 602

Date: 17/10/2017 02:00:00 
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