EMIRA PROPERTY FUND LIMITED - Voluntary announcement in respect of the acquisition by Emira of a further interest in Transcend

Voluntary announcement in respect of the acquisition by Emira of a further interest in Transcend

EMIRA PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number 2014/130842/06)
JSE share code: EMI       ISIN: ZAE000203063
JSE Interest Rate Issuer Code: EMII
(Approved as a REIT by the JSE)
(“Emira” or “the Company”)


VOLUNTARY ANNOUNCEMENT IN RESPECT OF THE ACQUISITION BY EMIRA OF A FURTHER INTEREST
IN TRANSCEND RESIDENTIAL PROPERTY FUND


1.    INTRODUCTION

      Shareholders are referred to the announcement released on SENS on 8 October 2018, wherein
      shareholders were advised, inter alia, that Emira had:

          •   provided an immediate equity injection into Transcend Residential Property Fund
              Limited (“Transcend”) in the amount of R45.9 million, resulting in a shareholding of
              9.9% in Transcend; and
          •   committed to advance up to an additional R290 million to R395 million in funding over
              the next 18 months to Transcend, which would allow Emira to ratchet up to a holding
              of between 25.1% and 34.9% of the Transcend shares.

      The board of directors of Emira is pleased to announce that Emira’s total investment in
      Transcend as at 13 December 2018 is an amount of R391.3 million, pursuant to the provision of
      a R143.4 million funding facility to Transcend, and participation by Emira in a vendor
      consideration placement following certain acquisitions by Transcend (the terms of which were
      announced by Transcend on SENS on 8 October 2018), to the amount of R247.9 million.

      Emira’s total shareholding in Transcend has now increased to 34.9%.

2.    RATIONALE

      Emira aims for strategic exposure in different sectors of the property market, with the intention
      of avoiding over-exposure in any single sector, and with their investment approach being to co-
      invest with hands-on sector specialists who have a good track record of success in their markets.
      Emira has identified Transcend as an avenue through which it is able to enhance the
      diversification of the Company into the residential rental market, given Transcend’s expertise
      in specialised residential property assets and access to significant pipeline opportunities.

3.    VOLUNTARY ANNOUNCEMENT

      The transactions referred to above are uncategorised for Emira in terms of the JSE Listings
      Requirements and this announcement is published on a voluntary basis.


Bryanston
14 December 2018
                                                                                                     1
Sponsor and corporate advisor
Questco Corporate Advisory Proprietary Limited




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