Emira Property Fund today (Monday, 6 July) began trading as an internally managed Corporate REIT, listed on the JSE. This follows its successful conversion from a Collective Investment Scheme in Property, also known as a Property Unit Trust (PUT).
Emira's milestone new structure brings it in line with internationally recognised best practice. It also supports its investor appeal and sustainability for the future.
Emira's external management structure has been permanently removed and its business simplified business into a new legal entity, called Emira Property Fund Limited. Today former Emira PI Holders received New Emira shares on a pro rata basis in the ratio of one new Emira share for every one Emira PI held.
James Templeton, current CEO of Emira, says: "Emira is in a great position for the future with a robust foundation that is more functional, competitive and streamlined, as well as a positive outlook. It is now more investor friendly, offers greater shareholder rights and will be better understood by investors across the globe. It also has a great team in place, a strong board and an outstanding portfolio of assets."
Emira is a JSE-listed SA REIT (real estate investment trust) invested in a quality diversified portfolio of office, retail and industrial properties. Its assets comprise 148 properties valued at R12.5 billion. Emira is also internationally diversified through its direct interest in ASX-listed Growthpoint Properties Australia (GOZ), valued over R700 million, with total assets now at R13.5 billion.