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Strategic Joint Venture: European Light Industrial Platform Launch and Initial Acquisitions
Burstone Group Limited
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
(Registration Number 2008/011366/06)
Share Code: BTN ISIN: ZAE000180915
Bond Code: BTNI
("Burstone" or the " Group")
STRATEGIC JOINT VENTURE: EUROPEAN LIGHT INDUSTRIAL PLATFORM LAUNCH AND INITIAL ACQUISITIONS
The board of directors of Burstone is pleased to announce that it has entered into a joint venture
agreement with Hines European Real Estate Partners III ("HEREP III") in terms of which the joint
venture will aggregate a portfolio of light industrial assets in the core European markets of Germany
and the Netherlands (the "Platform").
As indicated in the Group's interim results, the Group has focussed on building its European pipeline
by leveraging existing on-the-ground teams, performance track record and capacity. The Platform will
be complimentary to Burstone's European business and will leverage the expertise and experience of
the Burstone management teams.
Hines European Real Estate Partners is a series of discretionary, closed-ended funds targeting high-
conviction, thematic investments in prime European markets ("Series"). HEREP III held its final closing
in November 2023 with over €1.6 billion in equity, positioning it as one of Europe's largest closed
value-add strategy funds. The Series' total equity commitments now exceed €3.4 billion as of
December 2025, including €1.8 billion from its two predecessors.
HEREP III and Burstone have committed a combined €160 million (c. R3.2 billion) of equity to this
strategy ("Platform Equity"). Burstone will invest 20% of the Platform Equity and perform the role of
investment and asset manager. HEREP III has committed the balance of 80% of the Platform Equity.
The Platform has concluded its first tranche of acquisitions, with €40 million (c. R750 million) of
properties acquired (the "Acquisitions"). The joint venture has also already identified an attractive
near-term pipeline of investment opportunities to further support future aggregation and capital
deployment.
The Acquisitions will be funded by a combination of Platform Equity and in-Platform debt financing
from Morgan Stanley at an LTV of 60% and all in cost of funding of EURIBOR plus 2.10%.
Burstone will fund its pro-rata share of Platform Equity through existing Group debt facilities in line
with its current funding and hedging policy.
The signature of the joint venture agreement and conclusion of the Acquisitions is not categorisable
for Burstone in terms of the JSE Listings Requirements.
Johannesburg
10 March 2026
Financial Advisor and Sponsor to Burstone
Investec Bank Limited
Date: 10-03-2026 07:05:00
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