Accelerate sells Cape Town property for R68m to cut debt

Accelerate Property Fund Limited has agreed to sell its property at 73 Hertzog Boulevard in Foreshore, Cape Town, to Amrichprop 2 Properties (Pty) Ltd for R68,000,000 (exclusive of VAT). The transaction, effective upon registration of the property, is part of Accelerate’s strategic repositioning and restructuring program, with proceeds intended for debt reduction.

The commercial property, with a gross lettable area of 5,470 m², was valued at R77,914,433 as of March 31, 2025. Net expected cash proceeds from the sale are approximately R65,960,000. The property generated a net operating income of approximately R6,000,000 for the year ended March 31, 2025, resulting in a disposal yield of 8.8%.

This disposal is classified as a Category 2 transaction under JSE Listings Requirements, meaning it does not require shareholder approval. A 3% sales commission is payable by the seller on the transaction.