Sharenet Sites 
Sharenet Sites
Voluntary Announcement regarding update on U.S. Investment Strategy
EMIRA PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2014/130842/06
JSE share code: EMI ISIN: ZAE000203063
(Approved as a REIT by the Johannesburg Stock Exchange)
(“Emira” or “the Company”)
VOLUNTARY ANNOUNCEMENT REGARDING UPDATE ON U.S. INVESTMENT STRATEGY
The board of directors of Emira (the “Board”) is pleased to advise shareholders that the Company has
invested in its fourth shopping centre in the United States of America (“USA”), thereby growing its
exposure in the biggest market in the Western world and progressing its international investment
strategy.
The Company has undertaken its fourth equity deal in the USA with its in-country partners, the Rainier
Group of Companies, by acquiring 49% of the equity of Stony Creek Marketplace (“Stony Creek
Marketplace”), a dominant shopping centre valued at USD32 million, located in Noblesville, Hamilton
County in the State of Indiana. The investment represents a cash-on-cash return of 11.7% in USD for
Emira, on a net cash equity investment of USD6.5 million. The investment was funded from Emira’s
existing balance sheet, chiefly with the proceeds of its programme of asset disposals from its portfolio
rebalancing plans. This deal takes Emira’s exposure to the USA to 3% of its total assets and its
international exposure in developed markets to 9% of total assets including its investment in ASX-
listed Growthpoint Properties Australia.
Stony Creek Marketplace is a 204,000sqf modern convenience retail centre located in Indiana, near to
two of Emira’s existing investments in Ohio. The centre is in the Indianapolis metro area, which,
according to CNBC’s America’s Top States for Business 2017, ranks very highly on the best places for
business in the USA and boasts a low unemployment rate of a mere 3.1%. Stony Creek Marketplace is
shadow-anchored by a 162,000sqf Meijer grocer, which forms part of the overall centre but is owned
by the grocery chain. Construction of the centre was completed during 2005 and has since been
regularly refurbished. The property is 98.9% leased with 79% of its space let to nationals including TJ
Maxx, Home Goods, Best Buy and PetSmart. It has a weighted average lease expiry of 3.9 years.
Geoff Jennett, CEO of Emira, commented: “With this transaction Emira benefits from growing
exposure to the attractive value available in the USA in our chosen market segment. We have targeted
investment in grocery-anchored convenience retail centres in resilient markets located in some of the
major southern and central states. We are confident that our low-risk co-investment strategy in the
USA remains the most prudent way to increase our international diversification into this developed
market.”
Locally, Emira continues to recycle its capital by disposing of certain assets in accordance with its
portfolio rebalancing plans. In the calendar year to date it has sold and transferred three assets for a
combined R250 million. This adds to the strategic impact of Emira’s six further disposals made in the
latter half of 2017 amounting to R236 million.
Jennett adds: “These transactions continue to deliver on Emira’s strategic thrust to rebalancing our
portfolio and reducing our exposure to offices. In addition, we have achieved disposal prices at an
average premium to book value, which signals that our properties remain fairly valued in line with our
robust financial management approach.”
Bryanston
8 May 2018
Sponsor
Questco Corporate Advisory (Pty) Ltd
Date: 08/05/2018 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
