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Small related party transaction
OCTODEC INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1956/002868/06)
JSE share code: OCT ISIN: ZAE000192258
JSE Alpha code: OCTI
(Approved as a REIT by the JSE)
("Octodec" or "the company")
SMALL RELATED PARTY TRANSACTION
1. Introduction
Shareholders are advised that Octodec and City Property Administration Proprietary Limited ("CPA") have
concluded agreements to renew the leases (the "lease agreements") of certain properties owned by wholly-
owned subsidiaries of Octodec and rented by CPA (the "properties").
2. Details of the lease agreements
In terms of the lease agreements, Octodec will lease the areas specified below to CPA for a period of five years
and two months, commencing on 1 July 2023 and expiring on 31 August 2028, in order to align it with the
expiry date of the current asset management agreement with CPA:
Monthly rental
Property name / leased premises Gross lettable area amount
CPA Place, 97 Marshall Street, Marshalltown, 1 252m2 and 31
Johannesburg parking bays R180 800
CPA House, 101 Du Toit Street, Pretoria 6 208m2 and 64
parking bays R603 345
Jardown 1, 377 Johannes Ramokhoase Street, Pretoria 679m2 and 121
parking bays R86 905
Jardown 2, 384 Madiba Street, Pretoria 35 parking bays R21 250
Bosch Building, 363-365 Johannes Ramokhoase Street,
Pretoria 84 parking bays R51 550
Total monthly rental amount R943 850
The lease agreements are subject to the following additional terms and conditions:
- monthly rentals will be escalated at the Consumer Price Index as agreed between the parties in May of
each year of the lease period;
- CPA will be liable for its pro rata portion of increases in assessment rates;
- the tenant in both CPA Place and CPA House will receive two months' rental in lieu of costs incurred by
the tenant for carrying out tenant installations at the premises;
- on expiry of the lease agreements, CPA will return the properties in the same condition as at 1 July 2023,
subject to fair wear and tear; and
- CPA may terminate the lease agreements should the asset management agreement between CPA and
Octodec be terminated.
3. Small related party transaction
CPA and Octodec are related parties due to the fact that Jeffrey Wapnick and Sharon Wapnick are directors of
Octodec and City Property and members of the Wapnick family are material shareholders of both companies.
In terms of section 10 of the JSE Listings Requirements, the signature of the lease agreements constitutes a
small related party transaction. Accordingly, BDO Corporate Finance Inc., an independent expert acceptable to
the JSE, has been appointed to provide a fairness opinion in this regard.
A further announcement will be published on the finalisation of the independent expert's fairness opinion in
respect of the lease agreements.
16 October 2023
Sponsor
Java Capital
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 16-10-2023 03:35:00
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