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Appointment Of Flanagan & Gerard As Asset And Property Manager For Fourways Mall
ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/015057/06)
LEI: 378900D514788C447E45
Share code: APF ISIN: ZAE000185815
Bond company code: APFE
("Accelerate", "APF" or the "Company")
APPOINTMENT OF FLANAGAN & GERARD AS ASSET AND PROPERTY MANAGER FOR FOURWAYS MALL
1. INTRODUCTION
Fourways Mall ("the Mall" or "FWM") is the largest super-regional shopping centre in South Africa
with a total gross lettable area of 177,570 m2.
Strategically located in the upmarket suburb of Fourways, one of the fastest developing
commercial and residential hubs in Sandton, north of Johannesburg, the centre underwent
extensive refurbishments and upgrades from 2017 to 2019.
Positioned as a destination retail centre, FWM's tenant mix focuses on shoppertainment, making
it an attractive choice for shoppers beyond its immediate catchment area.
The Mall has approximately 400 stores, including local and international fashion brands,
electronics, homeware, department stores and specialty shops.
Notably, it offers a diverse range of entertainment options, including The Fun Company, La Liga
Experience, Altitude Beach Club, Ster Kinekor (including a dedicated kid's cinema), Hamleys Play
Park, Adventure Golf and Bounce Inc with a free jumping arena, X-park, Big Bag, and an exclusive
Clip 'n Climb arena featuring more than 20 uniquely themed indoor climbing walls. FWM also
provides 8,000 parking bays for added convenience.
Accelerate owns 50% of FWM. Independently valued at R4 billion (Accelerate's 50%), Fourways
Mall represents the largest and most significant asset in the Company's portfolio.
Recognising the imperative to unlock the full potential of the Mall's redevelopment, and harness
additional value by repositioning its offering, Accelerate, and co-owner, Azrapart Pty Limited
("Azrapart"), jointly agreed on the importance of independent management for FWM.
Consequently, Accelerate and Azrapart have appointed Flanagan & Gerard as the Asset and
Property Manager for the Mall. With a distinguished 75-year track record, Flanagan & Gerard is a
well-established, independent, and experienced retail expert, responsible for all aspects of asset
and property management. The appointment remains subject to approval by Accelerate
shareholders.
Flanagan & Gerard's mandate will include the positioning of FWM as a secure, family orientated
entertainment and shopping destination of choice, by addressing the following key deliverables:
• Improving the overall retail experience
• Increasing the dwell time
• Increasing the variety of offerings
• Optimizing tenant mix in order to cater more holistically to the current market
• Attracting shoppers from beyond the immediate catchment area
Initiatives currently underway at the Mall include:
• Upgrading signage and wayfinding in and around FWM
• Finalising FWM's solar project
• Improvement of internal and external aesthetics
• Investment in technology to minimize the carbon footprint of the Fourways Mall and to
more effectively track tenant behaviour and preferences.
2. THE TERMS OF THE HEADS OF AGREEMENT ("Agreement")
Flanagan and Gerard will earn fees which are commensurate for services of this nature being
property management, asset management, development management and leasing fees.
The Agreement will be for a period of 5 years commencing in January 2024.
Flanagan and Gerard is not a related party to Accelerate.
3. SHAREHOLDER APPROVAL
In terms of section 13.40 of the Listings Requirements of the JSE Limited, the company cannot
enter into the agreement:
a) without a majority of the votes cast by Accelerate shareholders (excluding any parties or
their associates who are party to, or have an interest in, the contract); and
b) without providing therein for the right for security holders, in a general meeting called by
them or held by the property entity, to cancel the contract at any time before its expiry
date, subject to a majority of the votes cast by securities holders (excluding any parties or
their associates who are party to or have an interest in the contract) in favour thereof.
Accelerate is currently in the process of preparing the circular to its shareholders. An
announcement setting out further details and salient dates and times of the general meeting of
Shareholders to approve the appointment of Flanagan and Gerard will be released in due course.
Johannesburg
18 December 2023
Equity sponsor
The Standard Bank of South Africa Limited
Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this announcement may be considered forward-looking. Although APF believes
that the expectations reflected in any such forward-looking statements relating to the Transaction are
reasonable. The information has not been reviewed or reported on by the reporting accountants and
auditors and no assurance can be given by APF that such expectations will prove to be correct. APF does
not undertake any obligation to publicly update or revise any of the information given in this
announcement that may be deemed to be forward- looking.
Date: 18-12-2023 11:45:00
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