FAIRVEST PROPERTY HOLDINGS LIMITED - Update On Disposal Of Tokai Junction And Publication Of Annual Financial Results

Update On Disposal Of Tokai Junction And Publication Of Annual Financial Results

FAIRVEST PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1998/005011/06)
Share code: FVT
ISIN: ZAE000203808
(Approved as a REIT by the JSE)
(“Fairvest” or “the Company”)

UPDATE ON DISPOSAL OF TOKAI JUNCTION AND PUBLICATION OF ANNUAL FINANCIAL RESULTS

UPDATE ON DISPOSAL OF TOKAI JUNCTION

Shareholders are referred to the announcements by the Company on SENS on 6 April 2020
and 8 June 2020 in respect of the agreement (“Disposal Agreement”) entered into between
the Company and FPG Holdings Proprietary Limited (“Purchaser”), in terms of which the
Company will dispose of the shopping centre rental enterprise operated by Fairvest, commonly
known as Tokai Junction (“Rental Enterprise”), including the property on which the Rental
Enterprise is being conducted on situated at Erf 10800, Constantia, Cape Town (“Property”)
to the Purchaser, as a going concern (“Disposal”).

Shareholders are advised that the due diligence investigation has been completed by the
Purchaser to its satisfaction. In addition, on 13 July 2020 Fairvest and the Purchaser entered
into an addendum to the Disposal Agreement, in which it is was agreed that the consideration
for the Disposal be amended to R180 000 000 (one hundred and eighty million Rand),
including VAT at the rate of 0% (“Disposal Price”). The Disposal Price represents a 2.1%
premium to the 31 December 2019 valuation of the Property.

The Disposal remains subject to the fulfilment of a single remaining condition, namely that,
within a period of 50 days following 13 July 2020, the Disposal is unconditionally approved by
the relevant competition authorities or is approved upon such terms and conditions as are
reasonably acceptable to the Purchaser. The date by which this condition must be fulfilled
may be extended by the parties by written agreement.

PUBLICATION OF ANNUAL FINANCIAL RESULTS

Shareholders are advised that Fairvest intends to publish its annual financial results for the
year ended 30 June 2020 on 23 September 2020. The results presentation to shareholders
will be held via video conference on the same date. Further details regarding the presentation
will be provided in due course.

14 July 2020
Cape Town

Sponsor
PSG Capital

Date: 14-07-2020 02:45:00
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