ACCELERATE PROPERTY FUND LIMITED - Settlement Of Rebuilt Claim By The Developer Of Fourways Mall Shopping Centre, Azrapart (Pty) Ltd Of R300 million
Settlement Of Rebuilt Claim By The Developer Of Fourways Mall Shopping Centre, Azrapart (Pty) Ltd Of R300 million
Accelerate Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number: 2005/015057/06
Share code: APF
ISIN: ZAE000185815
Bond company code: APFE
(“Accelerate” or the “Company”)
(Approved as a REIT by the JSE)
SETTLEMENT OF REBUILT CLAIM BY THE DEVELOPER OF FOURWAYS MALL
SHOPPING CENTRE, AZRAPART (PTY) LTD (“AZRAPART”) OF R300 MILLION
As indicated in the Company's annual financial statements, a dispute had arisen between APF
and Azrapart (the developer of the Fourways Mall Shopping Centre) in respect of what is
known as the rebuilt portion matter. Shareholders and noteholders are advised that the
dispute has now been settled to the satisfaction of Accelerate and Azrapart and, accordingly,
to ensure equalisation of the Fouways Mall Shopping Centre, Accelerate will pay the amount
of R300 million to Azrapart.
Given Accelerate’s current liquidity constraints, the rebuilt claim will be settled wholly or
partially through the allocation of Accelerate shares to Azrapart or its nominee and, where
appropriate, the necessary shareholder approvals will be sought.
Fourways
17 September 2021
Equity Sponsor
The Standard Bank of South Africa Limited
Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 17-09-2021 03:00:00
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