Fairvest Property Holdings Limited (JSE:FVT) entered into an agreement to acquire Nonkqubela Mall from Investec Property Fund Limited (JSE:IPF) for approximately ZAR 160 million on May 14, 2019. The consideration is payable in cash. If transfer occurs after September 1, 2019 due to reasons beyond the company's reasonable control, the purchase consideration will escalate at a rate of 7% per annum for the period commencing from September 1, 2019 and terminating on the date on which transfer occurs. If, due to reasons within the company's reasonable control, transfer occurs after September 1, 2019, the purchase consideration will escalate at a rate of 7% per annum for the period commencing from April 1, 2019 and terminating on the date on which transfer occurs. In both instances, the sale agreement limits the maximum escalation period, given the longstop date of June 30, 2020. The acquisition is subject to fulfilment of the suspensive condition that, within 90 days from the signature date of the Sale Agreement, the Competition Authorities unconditionally approve the Acquisition, or subject to such conditions as are acceptable to the parties. The Seller and the Company may by agreement extend the date for fulfilment of the suspensive condition, provided that such extended date cannot be later than June 30, 2020. The transaction is expected to complete on September 1, 2019.

Fairvest Property Holdings Limited (JSE:FVT) completed the acquisition of Nonkqubela Mall from Investec Property Fund Limited (JSE:IPF) on August 23, 2019.