Putprop Limited announced that further to the cautionary announcement dated 17 October 2018 and the subsequent renewal of cautionary announcements, the last of which was dated 26 February 2019, the board of directors of Putprop advised shareholders that on 5 April 2019 Putprop entered into the following agreements with McCormick Property Development Proprietary Limited (McCormick): a "Sale Agreement", in terms of which, subject to the fulfilment or waiver of the conditions precedent McCormick will purchase from Putprop a 50% undivided share in and to the "Properties", being: Portion 111 of the Farm Mamelodi 608, Registration Division JR, Gauteng Province (Mamelodi Property); Portion 21 of the Farm Vogelstruisfonten 233, Registration Division IQ, Gauteng Province (Dobsonville Property); and a "Co-owners Agreement", in terms of which, subject to the fulfilment or waiver of the conditions precedent, Putprop and McCormick regulate and make provision for, inter alia, the funding, development and on-going management of the facilities to be erected on the Properties and resulting business enterprise. The Co-owners intend to develop a retail shopping centre on each of the Properties and conduct the resulting business enterprise in respect thereof. The shopping centre to be developed on the Mamelodi Property and the shopping centre to be developed on the Dobsonville Property are expected to constitute approximately 15,000 m2 and 10,000 m2 of GLA respectively with the total GLA of the Shopping Centres being subject to final determination. A feasibility study, indicating the anticipated costs and yields in relation to the Development is in the process of being finalised. The Development shall be project managed by McCormick in accordance with a separate agreement. In terms of the Project Management Agreement, McCormick shall be remunerated - a rate equal to 3% of gross development costs with respect to the Development ("GDC") and in addition thereto, be reimbursed for all direct expenses at market related rates, for project management and tenant coordination during the construction phase; a development fee of 2.5% of GDC; and a leasing fee equal to 2.2 months' basic rentals for the sourcing of tenants for the Business Enterprise.