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EQUITES PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
Registration number 2013/080877/06
Share code: EQU ISIN: ZAE000188843
Alpha code: EQUI
Approved as a REIT by the JSE
(“Equites” or “the Company”)
SALE OF UNIT 1, THE HUB IN BURGESS HILL, UNITED KINGDOM
INTRODUCTION
Shareholders are advised that on 19 August 2025, Equites through its Isle of Man based subsidiary, Equites International
Limited, concluded a sale agreement for the disposal of the last-mile logistics facility known as Unit 1, The Hub, situated
in Burgess Hill, United Kingdom (“UK”) (the “Property”) for a consideration of £17.6 million (R422 million).
(“Purchase Consideration”) (the “Disposal”).
In early 2025, the Equites board of directors (the “Board”) resolved to explore the disposal of the Equites UK portfolio,
comprising seven assets at the time. The Board’s view was that the majority of these assets had already benefited from
underlying market rental growth in the post-pandemic period, that the UK portfolio was well positioned to generate a
premium should it be sold and that the proceeds could be deployed to reduce the loan-to-value significantly.
This Disposal aligns with the strategy outlined above, and the proceeds will be applied to settle the associated HSBC
debt.
PROPERTY SPECIFIC INFORMATION
The Property is leased to DPD Group UK Ltd on a 25-year lease which expires on 19 March 2044. In line with standard
UK practice, the lease is subject to 5 yearly upward-only rent reviews. The most recent rent review was concluded on
20 March 2024 which resulted in an uplift of 69% to the base rental, reflecting the robust underlying rental growth in
the UK over the last five years.
The Property is being sold at an initial net initial yield of c.5.0% which is in line with its book value at 28 February
2025.
TERMS OF THE TRANSACTION
The transaction was settled in cash on 19 August 2025, on which date the asset was transferred to the buyer.
CATEGORISATION
The Disposal is not categorisable in terms of the JSE Listings Requirements, and the disclosures provided in this
announcement are voluntary and for information purposes only.
20 August 2025
Sponsor Debt Sponsor
Java Capital Nedbank Corporate and Investment Banking (a
division of Nedbank Limited)
