Acquisitions boost growth
EMIRA, the listed property fund, yesterday reported a 9 percent growth in distributions a unit to 64.65c in the six months to December from 59.31c in the previous corresponding period. James Templeton, the Emira chief executive, said the fund’s total return for the six months was 22.2 percent and for the most recent rolling 12-month period from February 1 last year to January 31 this year, Emira returned 60 percent to its investors to substantially outstrip the listed property sector’s return of 43 percent. Templeton attributes this strong performance to the fund’s acquisitions, contractual rental escalation on the bulk of its portfolio, significant leasing progress made during the period and stringent cost control. Shared fell 0.94 percent to R18.