EQUITES PROPERTY FUND LIMITED - GCR affirms Equites rating of AA-(ZA) with Stable Outlook

GCR affirms Equites’ rating of AA-(ZA) with Stable Outlook

EQUITES PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
Registration number 2013/080877/06
Share code: EQU ISIN: ZAE000188843
Approved as a REIT by the JSE
("Equites" or "the Company")

GCR AFFIRMS EQUITES' RATING OF AA-(ZA) WITH STABLE OUTLOOK


Equites' noteholders and shareholders are advised that GCR Ratings ("GCR") has undertaken a credit rating review of
the Company, the outcome of which has been to affirm the national scale long and short-term issuer ratings at AA-(ZA)
and A1+(ZA) respectively, and to retain a Stable Outlook.

The ratings from GCR consider Equites' portfolio of high-quality logistics assets in South Africa that supports strong
rental growth prospects from long-term leases and active development pipeline. GCR states that leverage metrics have
improved following strategic asset disposals, and could further strengthen, whilst the REIT has solid financial flexibility
and strong capital access.

GCR states that the Stable Outlook reflects their view that whilst the proposed strategic divesture from the UK will
increase Equites' exposure to South Africa, its sizeable and high-quality local portfolio is expected to continue to benefit
from high demand conditions in the resilient logistics segment, supporting strong cash flow growth. GCR further believe
that credit metrics could strengthen materially if asset sale proceeds are applied to lower leverage.

The full credit rating announcement with details of GCR's rationale is available on its website at
https://gcrratings.com/announcements/

GCR's credit rating announcement is also available on the Equites website at https://equites.co.za/debt-
investors/#investor-centre

24 June 2025

Sponsor                                    Debt Sponsor
Java Capital                               Nedbank Corporate and Investment Banking
                                           (a division of Nedbank Limited)

Date: 24-06-2025 08:00:00
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