SPEAR REIT LIMITED - Implementation of Category 2 Acquisition of Maynard Mall, Wynberg

Implementation of Category 2 Acquisition of Maynard Mall, Wynberg

SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
("Spear")

IMPLEMENTATION OF CATEGORY 2 ACQUISITION OF MAYNARD MALL, WYNBERG

Shareholders are referred to the announcements published on SENS on 28 July 2025 and 3 September 2025,
regarding the acquisition of the properties known as the Remainder Erf 67925, Remainder Erf 67947,
Erf 67948, Remainder Erf 67949, Remainder Erf 67957, Remainder Erf 67959, Remainder Erf 67960,
Remainder Erf 67958, Erf 92087 and Remainder Erf 92089, in the City of Cape Town, with all improvements
thereon ("Property"), and the rental enterprise known as the "Maynard Mall" conducted by the seller on the
Property, as a going concern ("Acquisition"), for a purchase consideration of R455 000 000.

Spear is pleased to advise that the implementation of the Acquisition was finalised on 31 October 2025
("Implementation Date"), on which date the transfer of ownership of the Property was registered into Spear's
name.

On the Implementation Date, Spear's gross portfolio asset value increased to R6.2 billion, and Spear had a
market capitalisation of R4.6 billion. Spear's portfolio Gross Lettable Area (GLA) has now increased to
513 286 m² of high-quality Western Cape only assets. On the Implementation Date, Spear's Loan to Value
Ratio (LTV) is between 18% and 19%.

Cape Town
31 October 2025

Sponsor and Transaction Adviser                                  Legal Adviser
PSG Capital                                                      ENSafrica

Date: 31-10-2025 11:00:00
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