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Redefine takes up an investment in Emira
EMIRA PROPERTY FUND
(A property fund created under the Emira Property Scheme, registered in terms of the
Collective Investment Schemes Control Act No 45 of 2002)
Share Code: EMI
ISIN: ZAE 000050712
(Approved as a REIT by the JSE)
(“the Fund”)
Redefine takes up an investment in Emira
Emira Property Fund today confirmed it has been advised by Redefine Properties that Redefine has
purchased approximately 11% of Emira’s Participatory Interests (PIs).
The PIs were purchased from certain institutional investors in exchange for Redefine shares.
Redefine has therefore become one of Emira’s larger PI holders.
James Templeton, CEO of Emira, comments: “We welcome Redefine as a PI holder and we are
confident that it, like all our other PI holders, will be well rewarded through its investment in Emira.”
Templeton adds: “Emira has shown a strong and sustained turnaround in the past three years and is
well positioned for future performance. This has created a keener demand for Emira PIs from a
variety of investors in the market, as is evidenced by the rise in Emira’s PI price of an effective 12.7%
since results were released in mid-August. Redefine has advised us that it likes Emira’s prospects and
its investment does not constitute a hostile bid.”
Confirming its successful turnaround, Emira met or exceeded all its targets for its financial year
ended June 2014, most significant of which was growth in distributions per PI of 7,5%, but also
included growth through organic and acquisitive means, with acquisitions of R1,6 billion being
concluded. It also continued to advance its operational goals, with vacancies declining to 4,5% and
tenant retention rising to 80%.
“We telegraphed our repositioning clearly to the market and will continue implementing our
strategy to add value to all our investors,” says Templeton. “Emira will remain focused on excellent
operational performance and growing our diversified portfolio of office, retail and industrial
properties with high-quality assets.”
Emira Property Fund is a JSE-listed REIT. It is invested in a diversified portfolio of 141 properties
valued at R10.8 billion. Emira is also internationally diversified through its direct interest in ASX-
listed Growthpoint Properties Australia (GOZ), valued at R666 million at 30 June 2014, with total
assets now at R11.6 billion.
Bryanston
29 September 2014
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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