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.

Emira Property Fund has furthered its earnings-boosting participatory interest (PI) repurchase programme and optimised its cost of borrowings by taking advantage of low interest rates currently available in the money markets. 

Emira Property Fund has sold some of it’s non core properties and has used the proceeds to draw down on current debt facilities and to buy back its own Participatory Interest units (PI’s) in the open market in a move which will be earnings enhancing for Emira PI unit holders