Emira PI repurchase programme continues to benefit distributions

Posted On Wednesday, 02 April 2014 10:49 Published by eProp Commercial Property News
Rate this item
(0 votes)

Emira Property Fund, a JSE-listed SA REIT, recently concluded a R114,6 million participatory interest (PI) buyback of 8,54 million PIs at an average of R13.41 per PI, which included the distribution of 59.31 cents paid to PI holders in March 2014.

James Templeton

The buyback is part of Emira's PI holder approved programme, which aims to grow its distribution to investors by reinvesting proceeds from the disposal of non-core assets through the timeous repurchase of PIs.

The programme has made a significant contribution to Emira's successful operational and distribution growth turnaround strategy in the past three years.

Since December 2011, Emira's PIs repurchased total R320 million.

The recent tranche of PI buybacks are expected to boost Emira's distributions for the financial year to June 2014 by a net benefit of 1.4 cents per PI (1.2%), and will assist distributions in FY15 and beyond.

They will also enhance the fund's net asset value per PI.

Emira CEO James Templeton says, "The price dip in South Africa's listed property sector in February this year created another opportunity for earnings-enhancing PI repurchases.

We are pleased to further the programme, which has had a positive impact on Emira's performance. It is Emira's intent to actively grow its property portfolio through high-quality earnings enhancing acquisitions, however, should opportunities present themselves for the fund to enhance distributions through PI repurchases, we believe that this is in PI holders' interests."

Emira owns a diversified portfolio of office, retail and industrial properties. Its assets comprise 141 properties valued at R9,7 billion and listed investments of R647 million.

Last modified on Thursday, 17 April 2014 15:59

Most Popular

GMI Property Group adds a New Mall to its Stable: Bronkhorstspruit Mall

Jul 21, 2022
GMI Properties Group announces the development of the much-anticipated Bronkhorstspruit…

Equites Property Fund and Mabel conclude B-BBEE transaction

Jul 21, 2022
Andrea Taverna-Turisan
The JSE listed specialist logistics property fund, Equites, today officially announced…

The growing take-away and fast food, and food delivery, culture

Jul 20, 2022
Restaurant and Take-Aways data for May 2022
Restaurant and Take-Aways data for May 2022 points to “solid but slowing” growth in…

The rapidly rising cost of living is reflecting in residential rentals

Jul 21, 2022
TPN Graph-Rental Demand
Demand for residential rental properties saw some recovery in the first quarter of 2022…

Despite hike, interest rate remains below pre-Covid levels, says Dr Andrew Golding

Jul 21, 2022
Dr Andrew Golding
With the inflation outlook deteriorating since the previous Monetary Policy Committee…

Please publish modules in offcanvas position.