CASTLEVIEW PROPERTY FUND LIMITED - Acquisition of a further holding in SA Corporate Real Estate Limited

Acquisition of a further holding in SA Corporate Real Estate Limited

CASTLEVIEW PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2017/290413/06)
JSE share code: CVW
ISIN: ZAE000251633
(Approved as a REIT by the JSE)
("Castleview" or the "Company" or the "Group")


ACQUISITION OF A FURTHER HOLDING IN SA CORPORATE REAL ESTATE LIMITED


1.   Introduction

     Shareholders are referred to the announcement published on 24 February 2025, where Castleview advised that it
     had acquired an indirect exposure and a direct exposure to SA Corporate Real Estate Limited ("SA Corporate"),
     a JSE-listed Real Estate Investment Trust (the "Previous Transactions").

     The Group has subsequently effected the following transactions:

     -        The Group sold derivatives (with the underlying assets being SA Corporate shares) for an aggregate amount
              of R225 789 953; and

     -        The Group has acquired a further direct holding of 274 680 608 SA Corporate shares through the
              acquisition of the underlying assets as detailed above, as well as through further acquisitions of shares, for
              an average purchase price of R2.76 per share and an aggregate purchase consideration of R756 904 178,
              which was executed by way of on-market block trades on the JSE.

     The transactions above are collectively referred to hereinafter as the "Latest Transactions".

2.   Rationale for the Latest Transactions

     Castleview's business strategy involves allocating capital to direct property investments and indirect property
     investments – where property is owned via other real estate companies with separate management teams –
     depending on what stage of the investment cycle the market is in, with the goal of maximising total returns to
     Castleview's own shareholder base.

     SA Corporate owns a focussed portfolio of quality industrial, retail and residential buildings located primarily in
     the major metropolitan areas of South Africa with a secondary node in Zambia. Castleview considers an
     investment in SA Corporate as consistent with Castleview's investment strategy.

3.   Financial and property specific information

     The following profitability metrics are attributable to SA Corporate for the year ended 31 December 2024:

         Distributable income per share (cents)                                 27.08
         Dividend per share* (cents)                                            24.37
         Basic earnings per share (cents)                                       25.98
         Headline earnings per share (cents)                                    26.12
         Net asset value per share (Rand)                                        4.43

     *Based on a pay-out ratio of 90%

     The net asset value and profits after tax attributable to 100% of SA Corporate are R11.16 billion and
     R645.8 million respectively.

     This information has been extracted from SA Corporate's audited annual financial statements for the year ended
     31 December 2024, which have been prepared in terms of International Financial Reporting Standards.

     The property specific information in respect of SA Corporate can be found in SA Corporate's annual financial
     statements for the financial year ended 31 December 2024, which are available at:

     https://www.sacorporatefund.co.za/index.php/investor-relations/results-centre/annual-reports

4.   Categorisation

     The Latest Transactions, when aggregated with the Previous Transactions, constitute a category 2 transaction for
     Castleview in terms of the JSE Listings Requirements and are not subject to Castleview shareholder approval.

14 April 2025


Designated advisor
Java Capital



Legal advisor
White & Case

Date: 14-04-2025 05:00:00
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