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Acquisition of shares in SA Corporate
EMIRA PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number 2014/130842/06)
JSE share code: EMI ISIN: ZAE000203063
JSE Bond Company Code: EMII
LEI Number: 3789005E23C6259EAE70
(Approved as a REIT by the JSE)
("Emira" or the "Company")
ACQUISITION OF SHARES IN SA CORPORATE
Shareholders and noteholders are advised that Emira has acquired 99 401 921 ordinary shares in SA
Corporate Real Estate Limited ("SA Corporate") for an aggregate consideration of R284 221 857.69 in
a series of on-market transactions.
SA Corporate is a JSE-listed Real Estate Investment Trust which owns a focussed portfolio of quality
industrial, retail and residential buildings located primarily in the major metropolitan areas of South
Africa with a secondary node in Zambia. Emira has generated significant liquidity through its disposal
programme and considers an investment in SA Corporate to be consistent with its investment strategy
of acquiring interests in undervalued, quality assets.
FINANCIAL AND PROPERTY SPECIFIC INFORMATION
The following profitability metrics are attributable to SA Corporate for the year ended 31 December
2024:
Distributable income per share (cents) 27.08
Dividend per share* (cents) 24.37
Basic earnings per share (cents) 25.98
Headline earnings per share (cents) 26.12
Net asset value per share (Rand) 4.43
*Based on a pay-out ratio of 90%
The net asset value and profits after tax attributable to 100% of SA Corporate are R11.16 billion and
R645.8 million respectively.
This information has been extracted from SA Corporate's audited annual financial statements for the
year ended 31 December 2024, which have been prepared in terms of International Financial
Reporting Standards. The property specific information in respect of SA Corporate can be found in SA
Corporate's annual financial statements for the financial year ended 31 December 2024, which are
available at:
https://www.sacorporatefund.co.za/index.php/investor-relations/results-centre/annual-reports
CATEGORISATION
The Transaction is categorised as a Category 2 transaction for Emira in terms of the JSE Listings
Requirements and as such is not subject to Emira shareholder approval.
Bryanston
2 June 2025
Equity and Debt Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 02-06-2025 05:05:00
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