ACCELERATE PROPERTY FUND LIMITED — M&A Activity 2026

Jan 27, 2026

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ACCELERATE PROPERTY FUND LIMITED

(Incorporated in the Republic of South Africa) Registration Number: 2005/015057/06 Share Code: APF ISIN: ZAE000185815

Bond code: APFE

LEI: 378900D514788C447E45 (Approved as a REIT by the JSE)

("the Company" or "APF" or "Accelerate")

DISPOSAL BY ACCELERATE OF THE BOSVELD BELA BELA SHOPPING CENTRE

1. INTRODUCTION

Shareholders and noteholders are advised that Accelerate has entered into a sale of letting enterprise agreement (the "Agreement") with Morsim Developments Properties (Pty) Ltd to dispose of the property known as The Bosveld Bela Bela Shopping Centre , situated at 26 Potgieter Road, Bela Bela ("Bosveld Mall") for an aggregate of R88 000 000 (exclusive of VAT) (the "Transaction"). The ultimate beneficial owners of Morsim Developments Properties (Pty) Ltd is Mr Charlie Bentel and Mr Max Sacks.

The Transaction forms part of Accelerate's ongoing strategic repositioning and restructuring programme. Accelerate intends to apply the proceeds of the disposal to the reduction of debt.

2. TRANSACTION TERMS

The effective date of the Transaction will be the date of registration of the Bosveld Mall into the name of the Purchasers. The purchase consideration will be paid through a cash consideration of R 88 00 000 against registration of transfer of the Property.

There is 3% sales commission payable on the Transaction by the Seller.

A rental guarantee will be provided by the seller to the value of R 85,320 per month (exclusive of VAT) on existing vacancies for a 12-month period post-transfer. To the extent certain vacancies are filled the guarantee amount payable will be reduced on a pro-rata basis.

The Agreement contains undertakings, warranties and indemnities which are normal for a transaction of this nature.

3. PROPERTY SPECIFIC INFORMATION

The details of the Properties are as follows:

Location: 26 Potgieter Road, Bela Bela, Limpopo

Sector: Retail Weighted Average Gross Rental (R/m² ): 118 Gross lettable area (GLA) (m² ): 15 991 Valuation (R): 95 000 000

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The Directors' valuation of the Property as at 30 September 2025 (which the Company is satisfied with) was based on cash flows and forward net income achieved by the Properties at valuation date. The Directors of Accelerate are not registered as professional advisors or as professional associate advisors in terms of the Property Valuers Profession Act, No 47 of 2000.

4. FINANCIAL INFORMATION

The net expected cash proceeds from the Transaction is approximately R85 360 000. The net operating income (excluding straight-lining rental income adjustments) of the Property for the 6-month period ended 30 September 2025, was c.R3,8 million. The disposal yield is 8,6%.

5. CATEGORISATION OF THE TRANSACTION

The Transaction is classified as a Category 2 transaction for Accelerate in terms of the JSE Listings Requirements and is accordingly not subject to shareholder approval.

Fourways 27 January 2026

Equity and Debt Sponsor