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”)


      FINALISATION OF A CAPITAL COMMITMENT TO GIM INVESTMENTS PCC LIMITED FOR
                   INVESTMENTS INTO THE UNITED STATES OF AMERICA


1. INTRODUCTION
      The Company is pleased to advise shareholders that its wholly owned subsidiary, TPI No 2 Limited,
      has finalised and entered into a capital commitment (“Commitment”) to partner with GIM
      Investments PCC Ltd (“GIM”). Accordingly, the Company has made capital commitments of $5.5
      million (R90.3 million) to GIM for investments in the manufactured housing real estate sector in the
      United States of America (“US “or “USA”).The capital commitment will be deployed over an
      expected two-year investment period, drawn down as and when transactions are identified in
      accordance with the investment guidelines.

2. RATIONALE
      GIM has identified an opportunity to invest in the development of high-end manufactured housing
      communities to capitalise on the shortage of affordable housing in the US. The opportunity is aimed
      at building out a ground rent, development platform in geographies with acute shortages of
      affordable housing. The asset class has proven to operate in a countercyclical fashion with durable
      cash flows due to its affordability element and a sticky tenant base. In addition, it is a real estate
      sector which did not suffer like-for-like earnings declines during the last two recessions. Texton has
      strong conviction in the investment themes and tailwinds that support the sector.

      The investment meets a number of strategic and investment goals for Texton and is in line with our
      strategy to increase international property exposure. We are pleased to invest alongside GIM and
      to deploy capital offshore by partnering with best-in-class asset managers who have a
      demonstrable track record.

3. KEY TERMS OF THE COMMITMENT

      The objective of the investment is to acquire, develop and sell high end manufactured housing
      developments across the US taking advantage of the need for affordable housing. Key terms of the
      investment are as follows

         Target leverage                                             Maximum 55% LTV, non-recourse debt
         Target number of investments                                                                 10
         Expected Investment period                                                          24 months
         Target hold period                                                                     7 years
         Target net IRR and MOIC1                                                       14.5%/1.6 times
         Target cash yield                                                                             -
         Commitment by Texton                                                               $5.5 million




1   Multiple of invested capital
4. CATEGORISATION OF THE TRANSACTION

   The capital commitment to GIM is a category 2 transaction in terms of the JSE Listings
   Requirements and accordingly does not require approval by shareholders.




SANDTON
17 August 2022




CORPORATE ADVISER AND SPONSOR TO TEXTON
Investec Bank Limited