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CALGRO M3 HOLDINGS LIMITED - Calgro M3 secures international funding to the value of R387 million

Release Date: 25/10/2017 10:30
Code(s): CGR     PDF:  
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Calgro M3 secures international funding to the value of R387 million

CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2005/027663/06)
Share code: CGR ISIN: ZAE000109203
(“Calgro M3” or “the company”)


Calgro M3 secures international funding to the value of R387 million

Shareholders are advised that Calgro M3 Holdings Limited (“Calgro M3”) has secured its first
international funding, a facility for ZAR 387 million (equivalent to €25 million), on an unsecured
basis.

The facility has been secured for a period of six years with an anticipated fixed simple interest rate of
12.41%, payable in six-monthly intervals.

The first draw-down of ZAR 278 million (equivalent to €18 million) is anticipated in December 2017,
with the second and final draw-down of ZAR 109 million (equivalent to €7 million) expected in May
2018.

It is the intention of the Group to secure all international funding in South African Rands so as not to
be exposed to any foreign exchange risk on this facility.

The capital will contribute to the Group’s funding requirements to deliver low-income housing units
on its secured pipeline in priority urban development areas. The current pipeline stands at R27,7
billion, which incorporates both its Integrated Residential Property Developments (from which some
units will be retained in its REIT JV) and the Memorial Parks businesses.

The funding is provided by Proparco, the private sector financing arm of Agence Française de
Développement (AFD), France’s development bank, which has been working to support
development in southern African countries for some 40 years. This is the first funding it has
undertaken in the world in the affordable and integrated housing sectors.




Johannesburg
25 October 2017

Sponsor
Grindrod Bank Limited

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