PROPERTY unit trust Emira Property Fund, which has a market capitalisation of R1,44bn, announced last week that it was acquiring three properties at a cost of more than R50m.

This brings the assets under the fund's management to R1,67bn.

Emira said the rationale behind the property deals was to increase the size of its property portfolio through the "acquisition of quality properties", which would contribute to net income growth at yields that would enhance the performance of the fund over the medium term.

The fund said it was buy ing Strathmore Office Park in Durban from Momentum Property Investments for R16,3m. It said that in terms of the listings requirements of the JSE Securities Exchange SA (JSE), this acquisition was regarded as a "small related party transaction", as Momentum Property holds 61% of the Emira units in issue.

Emira said it had provided the JSE with confirmation that the terms of the acquisition were "fair and reasonable" to Emira unitholders.

Emira is also acquiring Momentum House in Kingsmead, Durban, for R27,5m, as well as the Gateview building in Umhlanga from Gatemax Two for R13,8m. Emira has bought properties worth R114m since listing on November 28 last year.