TEXTON PROPERTY FUND LIMITED - Voluntary announcement regarding the sale of Broad Street Mall
Voluntary announcement regarding the sale of Broad Street Mall
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”)
VOLUNTARY ANNOUNCEMENT REGARDING THE SALE OF BROAD STREET MALL
1. INTRODUCTION
The board of directors of Texton (the “Board”) is pleased to advise shareholders that the Company, via its
50% held joint venture knows as Inception Reading S.a.r.l (“Inception”) has entered into an agreement of
sale on 6 June 2022 to dispose of Broad Street Mall (“BSM”) for a total headline consideration of £57.5
million (R1.108 billion).
2. RATIONALE
Inception successfully completed the business plan to refurbish the mall and obtain residential rights. The
property requires substantial capital to deliver the proposed development and progress to the next stage
of the asset’s life cycle. Accordingly, Inception marketed BSM for sale during the latter end of 2021
calendar year end. After a successful and competitive sales and marketing process, Inception was able to
receive strong bids for BSM.
3. TERMS OF THE SALE
The headline purchase price payable is £57.5 million (R1.108 billion) (the “Sale Consideration”) and will
be settled in cash. Contracts have been exchanged between Inception and the purchaser, and the
transaction is scheduled to close on 24 June 2022.
Texton will inform the market on completion of the transaction.
SANDTON
9 June 2022
CORPORATE ADVISER AND SPONSOR TO TEXTON
Investec Bank Limited
Date: 09-06-2022 05:47:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
