At the beginning of November, Emira renewed R450 million of 12-month unsecured CP in a split of R250 million 12-month CP and R100 million each of two- and three-year Domestic Medium Term Notes (DMTNs). This equates to an average duration of 20 months, at a better-than-budgeted average margin of 119bps.

Emira raised a further R50 million of six-month CP at 37bps over six-month JIBAR last week.

Emira CEO James Templeton comments: "This brings the total debt raised by Emira to R500 million in November, indicating market confidence that recognises Emira as a high quality fund with solid fundamentals in place."

Emira Property Fund is a JSE-listed REIT that is invested in a diversified portfolio of office, retail and industrial properties. Its assets comprise 147 properties valued at R11,471 billion. Emira is also internationally diversified through its direct interest in ASX-listed Growthpoint Properties Australia (GOZ), valued at R666 million at 30 June 2014, with total assets now at R12,5 billion.