Spear Reit Limited (JSE:SEA) agreed to acquire 13 predominantly industrial and office properties situated in the Western Cape from Emira Property Fund Limited (JSE:EMI), Lowmer Investments (Pty) Ltd, Freestone Property Investments (Pty) Ltd, Monagon Properties (Pty) Ltd and Rapidough Properties 509 (Pty) Ltd for approximately ZAR 1.146 billion on April 2, 2024. The net proceeds of the Transaction will initially be used to reduce Emira?s debt and subsequently to fund new acquisitions in accordance with Emira?s investment policy. The transaction is subject to Approval by the Competition Authorities, Spear has complied with all JSE Listings Requirements in respect of the Transaction and obtains shareholder approval for the Transaction, Spear receives final approval of the funding of not less than 50% of the Purchase Consideration; and PRASA, as the owner of Freeway Business Park, consents to the transfer of the notarial lease in respect of the Freeway Business Park from Emira to Spear and and effective date of transaction is anticipated as being on or about December 31, 2024.

The longstop date for the fulfilment of the Conditions Precedent is March 31, 2025. Cliffe Dekker Hofmeyr acted as legal advisor and PSG Capital (Pty) Limited acted as financial advisor to Spear Reit Limited (JSE:SEA)