Exemplar REITail Limited (JSE:EXP) concluded an agreement to acquire Protea Gardens Mall from Protea South Properties Proprietary Limited for approximately ZAR 460 million on July 30, 2019. Under the transaction, Exemplar REITail will acquire Protea Gardens Mall and the rental enterprise in respect thereof (the property). The purchase consideration is payable in cash by Exemplar to from Protea South Properties Proprietary Limited on the date of registration of transfer of the property in the name of Exemplar. The purchase consideration will be funded through existing cash resources and new debt facilities. The agreement is subject to Exemplar conducting a due diligence investigation in respect of the property. The agreement is subject to the suspensive condition that, within seven days after the expiry of the due diligence period, Exemplar gives the vendor written notice that it is satisfied with the outcome of the due diligence investigation. The acquisition is not subject to the approval by Exemplar shareholders. For the 12 months ended February 28, 2019, the aggregate net operating income attributable to the property amounted to ZAR 38.3 million. The effective date of the acquisition is the first day of the calendar month after which the conditions to the agreement are fulfilled or waived. Possession and occupation of the property will be given to Exemplar on the effective date.