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APFE - Financial Covenants Notification

Buy Accelerate Property Fund Stocks
Published: 2023-07-26 11:25:33 ET
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                                                                           Accelerate Property Fund Limited
                                                                               Management Office 1st Floor
                                                                             Cedar Square Shopping Centre
                                                                                                 Willow Ave
                                                                                                  Fourways
                                                                                              Johannesburg
                                                                                                       2055
                                                                                          Tel: 010 001 0790



Accelerate Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/015057/06)
Company code: APFE
LEI: 378900D514788C447E45
(Approved as a REIT by the JSE)
(“Accelerate” or the “Issuer”)

FINANCIAL COVENANTS NOTIFICATION

Noteholders of the APF07, APF09, APF14, APF16, APF18 and APF19 notes (collectively the “notes”)
listed by the Issuer are advised of the following financial covenant requirements applicable to the
notes for the measurement period ended 31 March 2023 (“Measurement Period”):

    •   the Loan to Value Ratio does not exceed 50%;
    •   the Secured Properties Loan to Value Ratio does not exceed 50%;
    •   the Interest Cover Ratio shall be greater than 1.7 times; and
    •   the Secured Properties Interest Cover Ratio shall be greater than 1.7 times.

Accelerate wishes to further advise noteholders that the testing of the Issuer’s compliance with the
financial covenants for the Measurement Period has been completed and has been successfully
passed. Accelerate confirms that:

    •   the Loan to Value Ratio measures at 44,8%;
    •   the Secured Properties Loan to Value Ratio measures at 47,5%;
    •   the Interest Cover Ratio measures at 1.8 times; and
    •   the Secured Properties Interest Cover Ratio measures at 1.8 times.

The compliance certificate is available for inspection at Accelerate’s registered office during normal
working hours.


26 July 2023

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)