EMIRA PROPERTY FUND - ACQUISITION AND PROPOSED DEVELOPMENT OF PROPERTIES

EMIRA PROPERTY FUND - ACQUISITION AND PROPOSED DEVELOPMENT OF PROPERTIES        
Emira Property Fund                                                             
A property fund created under the Emira Property Scheme, registered in terms of 
the Collective Investment Schemes Control Act                                   
JSE code: EMI                                                                   
ISIN: ZAE000050712                                                              
("Emira" or "the Fund")                                                         
ACQUISITION AND PROPOSED DEVELOPMENT OF PROPERTIES                              
Introduction                                                                    
Rand Merchant Bank ("RMB") is authorised to announce that Emira has entered into
an agreement with To Measure Properties (Proprietary) Limited ("TMP") in respect
of the acquisition of the following properties ("the acquisition"):             
Remaining Extent of Portion 35 of the farm Hartebeestpoort 362; and             
A portion of the Remaining Extent of Erf 506 Lynnwood Ridge Ext 12              
(collectively "the properties")                                                 
Furthermore, Emira has entered into an agreement with RMB Properties            
(Proprietary) Limited ("RMB Properties") whereby RMB Properties will develop the
properties for and on behalf of Emira ("the proposed development").             
(The acquisition and proposed development are collectively referred to hereafter
as the "transaction")                                                           
Rationale for the transaction                                                   
It is Emira"s strategy to increase the size of its portfolio through the        
acquisition of quality properties, which will contribute to net income growth at
yields that enhance the performance of the Fund.                                
In terms of the development agreement entered into with RMB Properties, Emira   
will develop a convenience shopping centre on the properties, which are located 
in a prime position in Lynnwood Ridge, Pretoria.  The shopping centre, which    
will be called "Gift Acres", will derive a substantial portion of its income    
from national tenants on long-term leases.                                      
Emira"s Investment Committee has satisfied itself that "Gift Acres" is a high   
quality retail development and that the transaction will be yield enhancing for 
Emira.  Furthermore, the transaction will increase Emira"s weighting in the     
retail sector, in which it currently has a relatively low weighting.            
Salient terms of the transaction                                                
The total consideration payable by Emira in terms of the transaction is R76.8   
million. The amount due to TMP and RMB Properties in terms of the transaction   
will be funded through an existing debt facility, and Emira will not issue any  
new PIs to fund the transaction.                                                
The effective date of the acquisition is 7 September 2004.  All conditions      
precedent in respect of the acquisition have been fulfilled and the conveyancing
attorneys have been instructed to proceed with registration of the acquired     
properties. The proposed development of the properties is expected to be        
completed by 28 April 2005.                                                     
Financial effects of the transaction                                            
Although the transaction will be yield enhancing for Emira, pro forma financial 
effects have not been presented as the transactions will not have a significant 
effect on Emira"s net asset value or tangible asset value per participatory     
interest ("PI"), nor on its earnings or headline earnings per PI.               
Related party transactions                                                      
In terms of the Listings Requirements of the JSE Securities Exchange South      
Africa ("JSE")the acquisition and proposed development are regarded as small    
related party transactions as Emira, TMP and RMB Properties all form part of the
FirstRand  Limited group.  Accordingly, Emira has provided the JSE with written 
confirmation from an independent professional expert that the terms of the      
transaction are fair and reasonable to holders of Emira PIs.  The fair and      
reasonable statements will lie for inspection at the registered office of Emira,
6 Protea Place, Sandton for a period of 28 days from the date of this           
announcement.                                                                   
Sandton                                                                         
27 September 2004                                                               
Merchant bank and sponsor         Independent adviser                           
RAND MERCHANT BANK (A division    KPMG Services (Proprietary)                   
of FirstRand Bank Limited)        Limited                                       
CORPORATE FINANCE                                                               
Date: 27/09/2004 02:21:39 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department