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Disposal of Peterlee and Trading Statement
TEXTON PROPERTY FUND LIMITED
Granted REIT status by the JSE
(Incorporated in the Republic of South Africa)
(Registration number 2005/019302/06)
JSE share code: TEX ISIN: ZAE000190542
("Texton" or the "Company")
DISPOSAL OF PETERLEE AND TRADING STATEMENT
1. DISPOSAL OF PETERLEE
1.1. INTRODUCTION
The board of directors of Texton (the "Board") is pleased to advise shareholders that the directors of its
wholly owned United Kingdom ("UK") subsidiary TPI UK NO1 Limited (the "Seller") have negotiated and
finalised an agreement to dispose of a property located in the North West Industrial Estate in Peterlee in
the UK (the "Property") to Urban Logistics Acquisitions 9 Limited (the "Purchaser") (the "Disposal").
1.2. RATIONALE
Given disposals of assets in the UK in the past, the Group has decreased its portfolio and now has limited
exposure to assets in the UK. Whilst the Property is mission-critical to the manufacturing process of the
tenant, it is considered to be in a secondary location.
The Disposal allows the Company to secure an attractive exit from the Property with the proceeds from the
Disposal being utilised to repay debt. Furthermore, the recycling of capital will provide flexibility for future
opportunities to diversify investment into other asset classes and markets which appear attractively
priced.
1.3. TERMS OF THE DISPOSAL
The sale agreement was finalised and signed on 16 September 2024. The Disposal consideration is
GBP8,300,000 (the "Disposal Consideration") and the transfer of and payment for the Property will be on
20 September 2024.
All other terms of the agreement are standard terms and conditions typical for a transaction of this nature.
The Purchaser is a wholly owned subsidiary of Urban Logistics Reit PLC which is listed on the London Stock
Exchange and is not a 'related party' in terms of the JSE Limited Listings Requirements.
1.4. FINANCIAL AND PROPERTY-SPECIFIC INFORMATION
Location of the Property Sector GLA (sf) Weighted Net rental Asset Disposal
average income (£) value (£ Conside
rental (£/sf) PA m)2 ration (£
p.a m)
20 Pease Road, North Industrial 108,897 £5.40 £587,885 7.87 8.30
West Industrial Estate,
Peterlee, SR8 2RD
Notes:
1. Unaudited net rental income attributable to the Property for the 12 months to June 2024 was
GBP587,885.
2. The value of the asset used in the table above is the audited book value as at the year ended 30 June
2023.
3. The Disposal Consideration in respect of the Property is considered its fair market value, as determined
by the Board. The Board is not independent and are not registered as professional valuers or as
professional associate valuers in terms of the Property Valuers Profession Act, No. 47 of 2000. The
disposal price equates to a 5,5% increase over the above book value and is considered market-related for
the Property.
1.5. CATEGORISATION OF THE DISPOSAL
The Disposal is a category 2 transaction in terms of the JSE Listings Requirements and accordingly does
not require approval by Texton shareholders.
2. TRADING STATEMENT
In terms of paragraph 3.4(b)(vii) of the JSE Listings Requirements, Texton has adopted distribution per share
as their financial results measurement for trading statement purposes. Texton is required to publish a
trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial
results to be reported upon next will differ by at least 15% from the financial results of the previous
corresponding reporting period.
Texton anticipates that its distributable income for the 12 months ended 30 June 2024 to decrease from
R99.1m to between R75.0 million and R85.0 million, representing a decrease of between 14% to 24%.
Texton expects to publish its results for the year ended 30 June 2024 on or about 23 September 2024. The
dividend for the current financial year will be announced with the annual results.
The financial information contained in this announcement has not been reviewed or reported on by the
Company's external auditors.
Sandton
17 SEPTEMBER 2024
CORPORATE ADVISER AND SPONSOR TO TEXTON
Investec Bank Limited
Date: 17-09-2024 04:23:00
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