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Calgro M3: Land Acquires Remaining 30% Stake in Fleurhof Extension 2

Calgro M3 Land Proprietary Limited has acquired the remaining 30% stake in Fleurhof Extension 2 Proprietary Limited, a residential development company, from South African Workforce Housing Fund SA I and International Housing Solutions (RF) Proprietary Limited for ZAR243 million (USD15.54 million). All companies involved in the transaction are based in South Africa. Calgro M3 Land is a provider of real estate development services and a wholly-owned subsidiary of Calgro M3 Holdings Limited, a South African residential land development and construction company. International Housing Solutions is a private equity firm. South African Workforce Housing Fund is a fund manager. Fleurhof Extension 2 owns the Fleurhof integrated residential development. Calgro M3 Land will finance the acquisition through a combination of operational cash flow and debt raised through the Calgro M3 Holdings bond exchange program. Following the transaction, Fleurhof Extension 2 will become a wholly-owned subsidiary of Calgro M3 Holdings. Grindrod Bank Limited acted as financial advisor to Calgro M3 Land for the transaction.

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