Already earning rental income, all properties, bar one, have transferred to Emira. They are portfolio enhancing, and represent combined a forward yield of 9.1%. The assets have raised Emira's portfolio value by in excess of 15%.

The acquisitions were more than 80% debt financed with long term facilities of between three and four years, with close to 90% of the debt having been completely hedged out for a similar duration.

CEO of Emira, James Templeton, explains this means that the growing income streams from the portfolio of assets acquired, combined with the substantial level of long-term, fixed debt, results in a geared benefit that drops through to Emira's bottom line in future years.

Templeton says: "These strategic acquisitions will support the growth of the fund's earnings over the next few years. They have improved the quality of our portfolio and brought high-quality tenants on long-term leases into the Emira fold. They also increase the average value of Emira's properties."

The properties include the R614 million prestigious, fully-let 25,767m² Menlyn Corporate Park in Pretoria, which is expected to yield 8.6% for Emira in its first year. This prime-grade asset is the largest single acquisition Emira has made to date.

Templeton notes: "Menlyn Corporate Park is a prime contemporary office property at the heart of a massive growth node." It is directly opposite the site for the newly approved R3-billion urban entertainment destination to be developed for Sun International.

Added to this, Emira acquired a R830 million diversified portfolio of eight properties, of which six are in the Western Cape, strategically enhancing its exposure to the province, where Emira has historically been under-exposed. Retail and industrial properties comprise 63% of this portfolio by value, which also has a favourable weighted average lease period of 5.5 years, and healthy lease escalation rates from high quality tenants.

Templeton adds: "We will continue to identify and pursue strategic acquisitions and development opportunities that support Emira's strategy and performance, and will fund them in a manner that enhances future earnings."

Emira Property Fund is a JSE-listed REIT. It 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.