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

Should you rent or buy your business premises?

Jun 23, 2022
Malusi Mthuli_FNB
This is a question that most business owners will face at some point in their journey.…

April 2022 Hotel Accommodation Income Statistics continue to show a very weak picture compared to pre-lockdown times.

Jun 23, 2022
Hotels Monthly Income 2022
The StatsSA release of April 2022 preliminary monthly tourism statistics show the Hotel…

South Africa’s inflation exceptionalism: can it last?

Jun 23, 2022
Carmen Nel
South Africa is often seen as a high-beta play, be it regarding financial market risk…

Hyprop continues to reduce debt and reposition its portfolios in SA and EE

Jun 30, 2022
Skopje City Mall Playground
Hyprop, which manages dominant retail centres in mixed-use precincts in key economic…

Vaal Mall rolls up its sleeves for pothole repairs

Jun 30, 2022
Vaal Mall crew busy repairing the various potholes making easier access to the Centre.
Vaal Mall is showing their commitment towards their community by stepping up to repair…

Please publish modules in offcanvas position.