EQUITES PROPERTY FUND LIMITED - Trading update

EQUITES PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/080877/06)
Share code: EQU ISIN: ZAE000188843
JSE alpha code: EQUI
(Approved as a REIT by the JSE)
("Equites" or "the Group")


TRADING UPDATE



Equites provides the following trading update, outlining recent operational progress and key developments across the
business and its development pipeline.


A company co-owned by Equites (50.1%) and Tridevco Proprietary Limited (49.9%) has recently concluded a ten-year
lease on a 90,000m2 facility for Tiger Brands in Riverfields, Gauteng at a net initial yield of 9% (including management
fees) on a development cost of approximately R1 billion.


Equites has also been awarded a tender for a global third-party logistics organisation for the development of a 24,000m2
facility in Gauteng at a cost of R0.3 billion.


In addition to this, Equites has been given the go-ahead to extend the Premier FMCG facility at Lords View, Gauteng
by 7,000m2, thereby increasing this facility to 32,000m2. Equites is currently in the process of negotiating approximately
150,000m2 of new developments for a value of circa R2 billion.


As previously communicated to shareholders, Equites is committed to an exit from investments in the UK. This strategic
intention remains unchanged. While the Group had targeted the disposal of the majority of its UK income-producing
assets by the end of FY26, its foremost commitment is to maximise value for shareholders. Accordingly, the timing of
the disposal will remain subject to achieving an outcome aligned with this objective. The remaining investments in the
UK are as follows:


-   Newport Pagnell is expected to reach practical completion imminently, and final payment from Panattoni will be
    due 10 days thereafter.

-   Coton Park, a 250,000 sq ft development that is being forward-funded by JD.com, is on track for completion in
    September 2026.

-   Thrapston has achieved planning permission approval and will be drawn down by Newlands Developments Limited
    on completion of all the planning conditions being discharged.

-   The Group remains committed to finding a suitable funder for Basingstoke in order to exit this scheme.
-   DHL Leeds is currently in rent review, and the Group will look to seek offers once this process has been completed.
-   The Aviva portfolio of income-producing assets remains for sale.


Equites remains on track to achieve a full-year dividend per share of between 140 and 143 cents per share.


The financial information on which this trading update is based has not been reviewed or reported on by Equites'
auditors.

1 December 2025



Sponsor                                                                 Debt Sponsor
Java Capital                                                            Nedbank Corporate and Investment Banking,
                                                                        a division of Nedbank Limited
Date: 01-12-2025 11:30:00

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