EQUITES PROPERTY FUND LIMITED - GCR affirms Equites rating of AA-(ZA) with stable outlook

GCR affirms Equites’ rating of AA-(ZA) with stable outlook

EQUITES PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
Registration number 2013/080877/06
Share code: EQU ISIN: ZAE000188843
Debt company code: EQUI
Approved as a REIT by the JSE
("Equites" or "the Company")


GCR AFFIRMS EQUITES' RATING OF AA-(ZA) WITH STABLE OUTLOOK


Equites' noteholders and shareholders are advised that GCR Ratings ("GCR") has undertaken a credit rating review of
the Company, the outcome of which has been to affirm the national scale long and short-term issuer ratings at AA-(ZA)
and A1+(ZA) respectively, and to retain a Stable Outlook.

The ratings from GCR consider Equites' portfolio of high-quality logistics assets in South Africa, which underpins
strong rental growth prospects supported by long-term leases, a weighted average lease expiry of 13.7 years, and an
active development pipeline. GCR notes that the Company continues to exhibit strong underlying portfolio
fundamentals, outperforming the broader industrial market, and that leverage metrics have improved following the
strategic exit from the United Kingdom, with solid financial flexibility through strong capital market access and a
prudent liquidity profile.

GCR states that the Stable Outlook reflects their expectation that Equites will sustain strong portfolio performance and
cash flow growth as it continues to complete high-quality South African logistics developments. GCR further
anticipates that leverage metrics will improve materially as the remaining UK asset disposals are concluded.

The full credit rating announcement with details of GCR's rationale is available on its website at
https://gcrratings.com/announcements/

GCR's credit rating announcement is also available on the Equites website at https://equites.co.za/debt-
investors/#investor-centre

23 June 2026


Sponsor                                              Debt sponsor 
Java Capital                                         Nedbank Corporate and Investment Banking, 
                                                     a division of Nedbank Limited
Date: 23-06-2026 05:00:00
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