Press Release
For immediate release
23rd January 2012
Emira Property Fund disposes of properties worth R260m
Emira property Fund has raised in excess of R260m since the
commencement of its
2012 financial year on 1 July 2011 through the sale of
eleven, non-core, properties in its portfolio.
Included in the disposals was the 16 159m², B-Grade,
Hurlingham Office Park off the William Nicol Highway in
Sandton, which realised R113m and the 8 982m² Gift Acres
shopping centre in Lynwood, Pretoria, which fetched R40m.
Emira says the proceeds from the sale of the properties will
be used to fund some prestigious new developments it is
currently embarking on, such as the Corobay and Podium office
developments in Menlyn, Pretoria.
Some of the money may also be deployed to the Fund's
participatory interest (PI's) repurchase programme which
commenced late in 2011. The Fund is seeking to buy back its
JSE-listed PI's up to a total value of R75m in a move which
is expected to be earnings enhancing for existing Emira PI
holders.
Emira CEO, James Templeton, says the Fund took the decision
some time ago to dispose of various non-core properties in
its portfolio with a view to improving the quality of the
portfolio and, thereby, ultimately enhancing returns for
investors.
The disposal campaign commenced some three years ago when a
strategic review of the portfolio identified a number of
properties from across the portfolio for sale. Most of these
properties were subsequently disposed of.
Last year a further 16 properties were identified for
disposal, of which nine have already been sold at prices on
or near their asking prices.
Says the Fund's CEO, James Templeton:
"Largely through legacy reasons, Emira's portfolio was
heavily weighted towards B- Grade offices where office
vacancies are running at exceptionally high rates, so we took
the opportunity to diminish our weighting in this property
category."
Templeton says, on top of that, a disproportionate amount of
time was being spent by the Emira property management team on
managing certain small office assets, which have been
subsequently sold. In future, he says, their time will be
more productively spent on managing the fund's higher value
property assets.
Other properties disposed of by Emira in the most recent
round of property disposals include the 2 450m², C-Grade
industrial property, Starsky House in Kramerville, which sold
for R7m; Dresdner House, in North Road, Dunkeld West, which,
at 834 m² was Emira's smallest office building, which went
for R11.2m; the 1 524 m²
Linkview office development in Kent Avenue, Randburg, which
realised R7.3m and the 1 803 m² Ciros House off Homestead
Road in Rivonia which sold for R9.7m.
The balance of the for-sale assets are being actively
marketed. Ends
ISSUED BY: GRAY CORPORATE & INVESTOR RELATIONS Graham Fiford Tel: (011) 442 9019; Cell 083 391 2459
ON BEHALF OF: EMIRA PROPERTY FUND
James Templeton Tel: (011) 775 1320
distribué par | Ce noodl a été diffusé par Emira Property Fund et initialement mise en ligne sur le site http://www.emira.co.za. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-23 11:36:58 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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