Accelerate shareholders ("Shareholders") are referred to the most recent cautionary announcement dated 11 October 2016 in terms of which Shareholders were advised that negotiations relating to the acquisition of an offshore portfolio were ongoing. Accelerate is pleased to announce the conclusion of a pre-agreement with the applicable companies that form part of the Supernova Privatstiftung group ("Vendor") wherein it was agreed that the applicable Accelerate group entity (under incorporation) will enter into binding transaction agreements ("Transaction Agreements") with the Vendor (the timing of which is imminent). In terms of the Transaction Agreements Accelerate will acquire a portfolio of 9 well located retail warehouse properties tenanted by OBI GmbH & Co. Deutschland KG’s ("OBI") applicable subsidiaries (6 properties in Austria and 3 in Slovakia) ("Initial Portfolio") for an aggregate acquisition value of €82.1 million ("Purchase Consideration") at a blended acquisition yield of 7.0% based on contractual rentals (the "Transaction").
OBI is the largest specialist do-it-yourself ("DIY") retailer in Central and Eastern Europe ("CEE") with total revenues of over €4 376 million and EBITDA of over €265 million.
Click HERE to read the full document