SPEAR REIT LIMITED - Implementation Of Category 1 Acquisition Of Emira Property Funds Western Cape Real Estate Portfolio

Implementation Of Category 1 Acquisition Of Emira Property Fund’s Western Cape Real Estate Portfolio

SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
("Spear" or "the Company")

IMPLEMENTATION OF CATEGORY 1 ACQUISITION OF EMIRA PROPERTY FUND'S WESTERN CAPE
REAL ESTATE PORTFOLIO

Shareholders are referred to the category 1 acquisition by Spear of the Western Cape property portfolio of
Emira Property Fund Limited ("Acquisition"), as detailed in the circular distributed to shareholders on
2 July 2024 ("Circular"). As announced on SENS, the Acquisition was approved by the requisite majority of
the Company's shareholders at the general meeting held on 31 July 2024, following which the Acquisition
became unconditional.

Spear is pleased to advise that, following the registration of the transfer of ownership of the sectional title
properties known as "The Studios", located at Atlas Gardens, Durbanville, Cape Town, into Spear's name on
17 October 2024, the implementation of the Acquisition was finalised on 23 October 2024 ("Implementation
Date"), on which date the transfer of ownership of the remaining freehold properties and the deed of
assignment of the notarial lease over the leasehold property, as detailed in the Circular, were registered into
Spear's name.

On the Implementation Date, Spear's gross portfolio asset value increased to R5.36 billion, and Spear had a
market capitalisation of R3.2 billion. Spear's portfolio Gross Lettable Area (GLA) has now increased to
499 209 m² of high-quality Western Cape only assets. On the Implementation Date, Spear's Loan to Value
Ratio (LTV) is between 31% and 33%.

Cape Town
23 October 2024

Sponsor and Transaction Adviser                                   Legal Adviser
PSG Capital                                                       CDH

Date: 23-10-2024 12:30:00
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