INVESTEC PROPERTY FUND LIMITED - Sale of all Investec Australia Property Fund Units

Sale of all Investec Australia Property Fund Units

INVESTEC PROPERTY FUND LIMITED
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
(Registration Number 2008/011366/06)
Share code: IPF      ISIN: ZAE000180915
(“Investec Property Fund” or the “Fund”)


SALE OF ALL INVESTEC AUSTRALIA PROPERTY FUND UNITS



1. Background and rationale

    Shareholders are advised that the Fund has disposed of its entire shareholding in Investec Australia
    Property Fund (“IAP”) on 11 June 2020, comprising 55.1 million units (“Sale Units”), by way of a
    private placement, to qualifying institutional investors on the Australian Stock Exchange and
    Johannesburg Stock Exchange (“JSE”) (“Sale”). The Sale is unconditional, raising total gross
    proceeds of approximately R743 million (“Sale Proceeds”), to be received by the Fund on or about
    17 June 2020.

    Following the successful conclusion of the Pan-European Logistics platform transaction in February
    2020, the Fund’s balance sheet is significantly weighted to South Africa and Europe. The Sale
    allows the Fund to exit a minority position at an attractive return, deploy Sale Proceeds to de-gear
    the balance sheet and continue to focus resources on UK and Pan-European strategies.

2. Financial information

    The fair value of the IAP units, as contained in the Fund’s reviewed preliminary condensed
    consolidated financial results for the year ended 31 March 2020 was R661 million. For the year
    ended 31 March 2020, the Fund received dividends (post withholding tax) of R90 million in respect
    of the IAP units.

3. Categorisation of the Sale

    The Sale is classified as a Category 2 transaction in terms of the JSE Listings Requirements.
    Accordingly, it is not subject to shareholder approval.


Johannesburg
11 June 2020

Financial Advisor and Sponsor
Investec Bank Limited

Date: 11-06-2020 02:15:00
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