SPEAR REIT LIMITED - Implementation of Category 2 Acquisition of Berg River Business Park, Paarl

Implementation of Category 2 Acquisition of Berg River Business Park, Paarl

SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
("Spear" or "the Company")

IMPLEMENTATION OF CATEGORY 2 ACQUISITION OF BERG RIVER BUSINESS PARK, PAARL

Shareholders are referred to the announcements published on SENS on 21 May 2025 and 6 August 2025,
regarding the acquisition by Spear of the properties known as the Remainder of Erf 5400, the Remainder of
Erf 5401, the Remainder of Erf 5428, Erf 11204, Erf 11205 and Erf 13058, Paarl, in the Drakenstein
Municipality, with all improvements thereon ("Property"), and the rental enterprise known as the "Berg River
Business Park" conducted on the Property, as a going concern ("Acquisition"), for a purchase consideration
of R182 150 000.

Spear is pleased to advise that the implementation of the Acquisition was finalised on 20 November 2025
("Implementation Date"), on which date the transfer of ownership of the Property was registered into Spear's
name. On the Implementation Date, Spear's gross portfolio asset value increased to R6.39 billion, and Spear
had a market capitalisation of R4.87 billion. The Gross Lettable Area (GLA) of Spear's portfolio has now
increased to 542 662 m2 of high-quality Western Cape only assets. On the Implementation Date, Spear's Loan
to Value Ratio (LTV) is between 21% and 22%.

Cape Town
20 November 2025

Sponsor and Transaction Advisor                          Legal Advisor
PSG Capital                                              ENSafrica

Date: 20-11-2025 12:55:00
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