Disposal of investment property to the value of €45.2 million in the UK
Registered in Malta
Registration number C99355
JSE share code: MSP
LEI code: 213800T1TZPGQ7HS4Q13
(‘MAS’ or ‘the Company’)
DISPOSAL OF INVESTMENT PROPERTY TO THE VALUE OF €45.2 MILLION IN THE UK
Shareholders are advised that MAS, through its wholly owned subsidiaries, New Waverley 14 Limited, New
Waverley 20 Limited and New Waverley 10 Limited, has entered into an agreement (‘the transaction’) for the sale
of its hotel property and adjacent public square in Edinburgh, Scotland (‘the property’). The purchaser is Pandox
Thistle Limited, a special purpose vehicle held by Pandox AB, a leading owner of hotel properties in Northern
Europe with a focus on sizeable hotels in key leisure and corporate destinations. Transaction execution and
closing occurred on the same date and all conditions have been fulfilled.
RATIONALE FOR THE TRANSACTION
Shareholders are referred to previous announcements in relation to the change in investment strategy involving
the disposal of Western European investment property of the Company and a redeployment of capital to more
attractive investments in Central and Eastern Europe. The transaction is a result, and consistent with the
objectives, of this strategy. The proceeds of the transaction after taxes and mandatory settlements of senior debt
facilities, will be redeployed in line with the above strategy.
SALIENT TERMS OF THE TRANSACTION
The aggregate purchase consideration under the transaction (‘sale price’) for the property is €45.2million
(excluding VAT). The net expected cash proceeds from the transaction, post settlement of €18.2million of secured
debt, transaction costs, tax, early debt repayment penalties and other costs are approximately €27.0million. The
Directors of the Company (‘the Directors’) are satisfied that the agreed purchase consideration and the property
valuation on which this is based are consistent with the value of the property, as determined by the Directors. The
Directors are not independent or registered as professional valuers or professional associate valuers in terms of
the South African property Valuers Profession Act 2000 or otherwise.
As at 30 June 2021, the weighted average monthly rental per square metre of the property was €19.5 and the
gross lettable area was 8,500 sqm (rounded to the nearest hundred square metres). The aggregated net operating
income of the property for the financial year ended on 30 June 2021 (extracted from the audited consolidated
annual financial statements for the year ended 30 June 2021 prepared in terms of International Financial
Reporting Standards) was €2.12million.
The transaction was implemented as an asset sale with limited representations and warranties, consistent with
general practice for a transaction of this type.
CATEGORISATION OF THE TRANSACTION
The transaction is categorised as a Category 2 transaction in terms of the JSE Listings Requirements and as such
is not subject to shareholder approval.
The closing European Central Bank exchange rate at 18:00 CET on 20 December 2021 was used to estimate the
EUR equivalent of GBP figures relating to the transaction.
21 December 2021
For further information please contact:
Leon Allison, MAS P.L.C. + 27 82 307 3667
Dan Petrisor, MAS P.L.C. + 40 741 184 921
Java Capital, JSE Sponsor + 27 11 722 3050
Date: 22-12-2021 08:00:00
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