Spear REIT acquires Berg River Business Park in Paarl

Spear REIT Limited (JSE: SEA) announced the acquisition of Berg River Business Park in Paarl, Western Cape, for a purchase consideration of ZAR182.15 million. The Category 2 acquisition, formalized on May 21, 2025, involves the purchase of the property from Berg River Business Park Proprietary Limited. The property, encompassing 30,464 square meters of gross lettable area, is expected to generate a weighted average gross rental of R57.60 per square meter. The purchase will be settled through a combination of cash and the issuance of Spear shares at a price of R9.70 per share. The acquisition, effective around September 1, 2025, is anticipated to boost Spear's distributable profit by ZAR6.48 million for the six months ending February 2026 and ZAR13.80 million for the year ending February 2027. The deal is subject to customary conditions precedent, including regulatory approvals.