Redefine 'will be well rewarded' by its investment in Emira
Emira Property Fund has confirmed that Redefine Properties has purchased about 11% of Emira’s Participatory Interests (PIs).
They were purchased from institutional investors in exchange for Redefine shares. Redefine has therefore become one of Emira’s larger holders of PIs.
Emira chief executive James Templeton said: “We welcome Redefine as a PI holder and we are confident that it, like all our other PI holders, will be well rewarded through its investment in Emira.”
He said Emira had shown a strong and sustained turnaround in the past three years and was well positioned for future performance. This had created a keener demand for Emira PIs from a variety of investors in the market, as evidenced by the rise in Emira’s PI price of an effective 12.7% since results were released in mid-August…