Accelerate Property Fund settles R82.5m COVID-19 business interruption claims

Accelerate Property Fund Limited announced a settlement agreement for its Covid-19 business interruption insurance claims, totaling R82.5 million excluding VAT for Accelerate's 50% portion. The settlement follows litigation proceedings previously disclosed in Accelerate's annual financial statements for the year ended March 31, 2025.

The company stated the decision was made after extensive legal advice and with due consideration for Accelerate’s financial position and ongoing turnaround initiatives, particularly concerning its largest asset, Fourways Mall. The board believes the settlement is in the best interest of the company and its shareholders.

This announcement reflects a resolution to a significant financial matter that arose during the 2020 pandemic. Questco Corporate Advisory is listed as the equity and debt sponsor for Accelerate Property Fund Limited.