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”)


                                 SALE OF ALRODE INDUSTRIAL PARK


1. INTRODUCTION

  The board of directors of Texton (the “Board”) is pleased to advise shareholders that the Company (the
  “Seller”) has entered into an agreement with Benav Properties Proprietary Limited (the “Purchaser”) on 4
  April 2023 (the “Agreement”) to dispose of Alrode Industrial Park (the “Disposal” or the “Property” or the
  “Sale”) for R50 million, to be cash settled (the “Disposal Proceeds”).

2. RATIONALE

  Texton has limited exposure to industrial assets in its direct property portfolio. As such the Board has
  decided to exit the sector to focus on repurposing its office assets.

  The Disposal Proceeds will be utilised to repay debt and invest to further develop its SME strategy.
  Furthermore, the recycling of capital will provide flexibility for future opportunities to diversify investment
  into other asset classes which appear attractively priced.

3. TERMS OF THE SALE

  The Sale is subject to the following condition precedents (“Condition Precedents”) to be fulfilled by no
  later than 18 May 2023:

   -   the Purchaser confirming they are satisfied with their due diligence investigation undertaken in
       respect of the Property;
   -   the Purchaser receiving written confirmation that they have been granted loan funding on standard
       terms and conditions typical for a transaction of this nature; and
   -   finalisation of all requisite Seller Board approvals.

   The effective date of the Disposal will be the date on which all Condition Precedents have been fulfilled
   and the transfer date will be the date of registration of transfer of ownership of the Property.

   All other terms of the Agreement are standard terms and conditions typical for a transaction of this nature.

   The beneficial owners of Benav Properties Proprietary Limited is the Rimon Trust, the Noless Trust and
   Mameshly Trust. The Purchaser is not a ‘related party’ in terms of the JSE Limited Listing Requirements.
4. FINANCIAL AND PROPERTY SPECIFIC INFORMATION

    Details of the Property are as follows:

     Location               Sector     GLA (m2)    Weighted         Net rental        Book           Disposal
                                                    average           income          value         Proceeds
                                                      rental       (R million)          (R)        (R million)
                                                  (R/m2) per
                                                     month
     Portion 125 (a       Industrial     17 279      R34.36           R2.272       55.000           50.000
     portion of
     portion 29) of
     the Farm
     Roodekop

    Notes:
    1. Unaudited net rental income attributable to the Property for the six months ended 31 December 2022
       was R2 271 817.
    2. Audited book value as at the year ended 30 June 2022.
    3. The Sale 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.
    4. The financial information contained in this announcement has not been reviewed or reported on by a
       reporting accountant.

5. CATEGORISATION OF THE SALE

    The Sale is a category 2 transaction in terms of the JSE Listings Requirements and accordingly does not
    require approval by Texton shareholders.

SANDTON
5 April 2023

CORPORATE ADVISER AND SPONSOR TO TEXTON
Investec Bank Limited