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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 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 30 September 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 47,7%;
• the Secured Properties Loan to Value Ratio measures at 47,0%;
• the Interest Cover Ratio measures at 1.7 times; and
• the Secured Properties Interest Cover Ratio measures at 1.7 times.
The compliance certificate is available for inspection at Accelerate’s registered office during normal
working hours.
18 December 2023
Debt sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
