Emira declared a cash-backed final dividend of 64.40cps, 3.2% higher than the prior half year. Its net asset value per share increased 1.4% over the six-month period that saw the company make measurable progress on each of its key objectives and deliver improved operational metrics. The half-year results indicate that Emira continues delivering long-term value for all stakeholders.

James Day, CEO of Emira Property Fund, credits the positive results to the steady outperformance of Emira’s South African assets, supported by a stable and gradually improving environment, driven by steady interest rates, reduced load shedding and moderate inflation. Additionally, its US portfolio remains robust, and Emira’s strong entry into the Polish real estate market is yielding returns.

Emira is a South African Real Estate Investment Trust (REIT) with a diversified portfolio across sectors and geographies. In South Africa, it holds direct commercial – retail, industrial, office – and residential property portfolios. It also recently acquired stake in listed REIT SA Corporate Real Estate. Internationally, Emira invests indirectly through equity interests alongside specialist co-investors. In the US, it holds influential stakes, ranging between 45% and 49%, in 10 dominant, grocery-anchored centres with US-based partner The Rainier Group. In Poland, Emira has a 45% equity stake in DL Invest, a Luxembourg-headquartered developer and long-term investor in industrial and logistics centres, mixed-use offices, and retail parks located across Poland.

“Our diversified portfolio of direct and indirect property investments supports resilient returns across market cycles. Emira continues to be well-capitalised with a prudently managed financial position, and our capital recycling strategy continues to strengthen the balance sheet,” says Day.

Interest cover improved to 2.7 times and the loan-to-value ratio improved to 35.6% from 36.3% over the six months. In October 2025, GCR reaffirmed Emira’s long-term and short-term credit ratings of A(ZA) and A1(ZA) respectively, with a stable outlook, reflecting a diversified funder base and trusted funding relationships.

Improved South African portfolio metrics

Emira’s South African direct property portfolio comprises 56 properties, valued at R9.3bn. The portfolio’s fair market value, adjusted for disposals, increased 1.2%. The commercial portfolio of 41 assets is balanced across urban retail (50%), office (23%) and industrial (14%), driven by improved performance metrics across all sectors. The residential portfolio (13%) comprises 2,203 units across 15 properties owned by Transcend Residential Property Fund, a wholly owned subsidiary focused on quality, value-oriented suburban rental units.

“Commercial portfolio valuations were positively influenced by improved sentiment in the South African market and more resilient underlying fundamentals,” notes Day.

Commercial vacancies decreased to 3.8% from 6.4% over the six months mainly due to a single industrial tenant reoccupying its space. Vacancies in all sectors were well below national sector benchmarks, signalling sustained tenant demand for Emira’s properties and effective leasing strategies. Office vacancies in the primarily P- and A-grade portfolio continued showing improvement, closing at 8.0%, down from 8.4%. Retail vacancies remained low, although slightly up at 4.8% from 4.2%, while in the high-demand industrial portfolio, vacancies reduced to 0.4% from 7.9%. Weighted average rental reversions improved in all sectors and rose into positive territory, up by 0.6%, in the retail portfolio.

Residential portfolio occupancies were higher at 98.3%, excluding units for sale, ahead of the Rode national average of 94.4%, with solid underlying demand supporting performance and contributing to consistent, modest rental growth.

Growth-backed capital recycling

Emira’s capital recycling strategy includes selectively divesting non-core or mature assets, which creates liquidity to invest in high-yielding, value-accretive opportunities. During the six months, Emira disposed of a non-core industrial property and 1,144 residential units for total proceeds of R746.3m. A further R405.7m of properties were under sale agreements when the period closed.

Emira allocated R33.4m to targeted upgrades in its commercial portfolio and R10m in the residential portfolio. “These investments protect and prolong asset value, maintaining quality standards, occupancy appeal and compliance,” notes Day.

Deploying liquidity achieved through its disposal programme, through on-market transactions Emira acquired a 6.4% equity interest in SA Corporate during the period for R497.1m, which at 30 September 2025 was valued at R523.7m based on the share’s closing spot rate.

Emira’s equity stake in SA Corporate contributed R13.0m to the period’s distributable income.

“The SA Corporate investment aligns with Emira’s strategy of investing in quality, undervalued assets. It’s well diversified and defensive property portfolio, anchored on resilient retail and residential assets, offers strong fundamentals and reliable cash flows,” comments Day. Emira has since invested a further R187.9m in SA Corporate, taking its total equity interest to 8.7%.

International strategy reinforced by performance in the US and Poland

International investments are 37% of Emira’s portfolio, by value, with 14% in the US and 23% in Poland.

Emira’s US portfolio opened the period with 11 assets of R2.7bn (USD145.4m). After the successful sale of University Town Centre following an approach by a co-investor, creating the opportunity to unlock liquidity at a small premium to book value, the US portfolio closed the period with 10 investments totalling R2.2bn (USD129.6m). Two properties, Moore Plaza and Dawson Marketplace, are under contracts for sale. The US portfolio held its value, which is expected to remain steady for the full year.

The US investments continued to perform well supported by sound property fundamentals and a high-quality tenant base. Strong leasing activity and consistent tenant demand improved vacancy levels to 2.8% from 4.6%. New leases were signed at an average lease duration of 7.0 years, extending the portfolio’s weighted average lease expiry to 4.6 years from 4.2 years. Rental reversions remained slightly positive at 0.4%.

Emira’s US equity investments contributed R89.8m to its half-year distributable income.

In August 2024, Emira began its investment in DL Invest and it held its full 45% stake in DL Invest for the entire period. “We’re encouraged by DL Invest’s performance since our investment, especially its strong execution of strategy. Emira’s investment has laid a solid foundation for the strategic, long-term collaborative partnership with DL Invest, which also positions Emira to access potential future opportunities in Poland,” Day notes.

DL invest has established a strong position in the Polish market through its integrated business model, diversified portfolio and consistent financial performance. Its portfolio of 39 income-generating properties was valued at EUR687.5m at 30 September 2025. The portfolio comprises 67% industrial and logistics, 22% mixed-use/office and 11% retail parks. It maintained a total vacancy of 3.0% and a stable weighted average lease expiry of 5.2 years. DL Invest’s land and properties under development had a combined carrying value of EUR189.8m, providing a growth pipeline. During the period, DL Group successfully listed EUR350m Eurobond on the Luxembourg Stock Exchange, following a successful issuance oversubscribed by institutional investors.

Emira earned EUR3.62 million (R74.9m at the average EUR/ZAR exchange rate) from DL Invest for the period, which was added to distributable income.

Long-term value from strategic capital deployment

“We will continue to direct recycled capital towards meaningful, value-accretive opportunities to grow value for all shareholders,” concludes Day.

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“Emira is a business with strong fundamentals, a clear strategy and a highly capable incumbent executive team. It is positioned for continued, sustainable value creation,” says Day.

Day joins Emira’s leadership team alongside long-serving executives Ulana van Biljon, Chief Operating Officer, and Greg Booyens, Chief Financial Officer.

A Chartered Accountant with a strong foundation in finance and real assets, Day brings extensive local and international experience to the role. As a CA(SA), his career began in audit and finance with BDO/Grant Thornton in South Africa and the United States, and went on to include roles at Brookfield Asset Management and Elanor Investors Group in Australia.

Cape Town-born and bred, he returned to South Africa to work in the property sector, including as CFO of Botswanan-listed RDC Properties, which secured the successful takeover of Tower Property Fund during his tenure. Most recently, he served as Financial Director at Castleview Property Fund.

Outside the boardroom, Day enjoys the outdoors, travelling and long-distance running.

With an agile mindset and a focus on outcomes, Day brings a practical, adaptable and long-term approach to his new role. A systems thinker, he values foresight and risk mitigation, and works to cut through complexity and unlock performance efficiently and enduringly.

“What excites me about Emira is the strength of the team, the quality of the platform and the opportunity to keep delivering value by doing the foundational things right and sharpening our strategic edge where it matters most,” says Day. “Emira’s strategy remains consistent: keeping our capital productive through diligent asset management, disciplined capital recycling and continued value-accretive investment with the goal of meaningful stakeholder value creation.”

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All Emira’s key metrics improved, with its South African assets delivering steady outperformance and the US portfolio remaining robust. At the same time, it achieved meaningful portfolio restructuring and strengthening, with a strong entry into the Polish real estate market.

Through a synchronised asset rotation focus, Emira traded out of R2.8bn of non-core assets in South Africa, where it had a further R628.3m of sales under contract at year end. It simultaneously redeployed approximately R2bn (EUR100m) of proceeds into its international strategy, successfully concluding two tranches of investment in DL Invest, with the balance reducing debt. This strategic capital allocation enhances Emira’s diversification by adding exposure to Poland’s growing economy, supported by strong consumer demand, ongoing infrastructure investment and sound macroeconomic fundamentals.

International investments now comprise 38% of Emira’s portfolio, with 16.6% in the US and 21.2% in Poland. The real estate investment trust’s (REIT’s) sectorally and geographically diversified portfolio of direct and indirect property investments supports consistent returns through varying market cycles.

“Emira achieved a major restructure while maintaining and improving our balance sheet strength. The business remains well-capitalised with a prudently managed financial position that is comfortably within all covenants,” says Greg Booyens, CFO of Emira Property Fund.

Interest cover improved to 2.5 times and the loan-to-value ratio improved to 36.3% from 42.4%. GCR reaffirmed Emira’s long-term and short-term credit ratings of A(ZA) and A1(ZA) respectively, with a stable outlook, reflecting a diversified funder base and trusted funding relationships.

Emira’s South African direct property portfolio comprises 63 assets, valued at R9.96bn. The portfolio’s fair market value, adjusted for disposals, increased 6.1%. The commercial portfolio comprises 42 properties balanced across office (22%), urban retail (46%) and industrial (13%). The residential portfolio (19%) comprises 3,347 units across 21 properties, including properties owned by Transcend Residential Property Fund, a wholly owned subsidiary focused on quality, value-oriented suburban rental units.

Ulana van Biljon, COO Emira Property Fund, “We are pleased to report excellent performance across our South African direct property portfolio. While economic headwinds and soft property fundamentals have delayed real rental growth, recent improvements in the operating environment are encouraging. Reduced load shedding and greater political clarity created by the Government of National Unity are bolstering business confidence, which supports the performance of both the commercial and residential property sectors. This reflects in the occupancy metrics of the South African direct portfolio, which continued to trend favourably.”

Commercial vacancies decreased from 4.1% to 3.6% post period, improving from a fleeting increase to 6.4% at year-end caused by a single industrial tenant relinquishing and then reoccupying its space. Vacancies in all sectors were well below national sector benchmarks, signalling sustained tenant demand for Emira’s properties and effective leasing strategies. Office vacancies reduced from 10.9% to 8.4%. Retail vacancies remained low at 4.2% and the industrial portfolio vacancies reduced to 0.5% post period from 0.7%.

Residential portfolio occupancies remained high at 97.2%, excluding units for sale, with solid underlying demand supporting performance and contributing to consistent, modest rental growth.

Emira invested R177.2m in targeted upgrades, energy efficiency projects and refurbishments to reinforce tenant retention and attraction. “These investments are undertaken to enhance asset competitiveness and support operational efficiency, as well as to improve resilience against the impact of weakening municipal service delivery,” notes van Biljon.

Internationally, Emira invests indirectly through equity interests alongside specialist co-investors. In the United States, it holds stakes influential stakes, ranging between 45% and 49%, in dominant, grocery-anchored centres with US-based partner The Rainier Group. In Poland, Emira has a 45% equity interest in DL Invest Group, a Luxembourg-headquartered company developing and managing logistics hubs, mixed-use offices and retail parks across the country.

In the US in December 2024, Emira and its co-investors successfully sold San Antonio Crossing, a centre that had reached peak performance, at an 8.87% premium to book value. The US portfolio closed the financial year with 11 investments, which traded well supported by the continued resilience of the US retail real estate sector. These assets totalled R2.7bn (USD145.4m) and delivered R235.1m in distributable income (FY24: R222.6m for 12 investments).

Emira’s US investments continued to demonstrate strength, supported by stable occupancy levels and consistent tenant demand, even in the face of broader economic volatility, with reported vacancies of 4.6% (FY24: 3.6%) and a weighted average lease expiry of 4.2 years (FY24: 5.0 years).

In August 2024, Emira acquired an initial strategically structured stake in DL Invest and completed a second tranche of investment on 20 March 2025, taking its total equity interest to 45%. Emira’s investment is structured for an attractive return profile, including an annual cash yield of 7.2%, escalated annually by the Harmonised Index of Consumer Prices (HICP) for the European Area, but subject to a cap of 4% and a floor of 2%.

When Emira closed its financial year, DL Invest held a portfolio of 39 completed properties, valued at EUR689m. The portfolio comprises 67% industrial and logistics assets, 22% mixed-use/office assets and 11% retail parks. The portfolio has a total vacancy of 3.1% and a stable weighted average lease expiry of 5.5 years. It also includes land and development assets of EUR173m providing a pipeline for future growth.

Building on a pivotal year from a healthy operational and balance sheet position, Emira will continue to execute disciplined capital recycling strategy and strategically redeploy the proceeds into higher-yielding, value-accretive opportunities. With a strong foundation, disciplined execution and a clear strategy, Emira is positioned to sustain and grow value for investors.

At the same time as reporting results, Emira announced that James Day, currently a non-executive director of Emira, has been appointed Chief Executive Officer with effect from 1 July 2025.

Day, who joined the Emira board on 1 October 2023, brings extensive international and local experience in the listed property sector, including key expertise in raising and negotiating financing arrangements, along with a strong track record in strategic execution and transaction structuring, with various prior financial management and audit roles in South Africa, the United States and Australia. Emira’s board advised that Day’s proven financial acumen and leadership capabilities position him well to guide Emira in its next phase of growth and development. Prior to this appointment, Mr. Day held senior roles in the property sector both in Australia and South Africa, most recently serving as Financial Director at Castleview Property Fund Limited.

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As Ulana van Biljon, Chief Operating Officer of Emira, explains, “The beehive project was chosen to highlight the decline of global bee populations, because bees and other pollinators are under serious threat, yet they contribute so much to society, as well as to the biodiversity of our properties. Our hives provide a safe place for honeybees to live and breed.”

According to the United Nations (www.un.org/en/observances/bee-day) over 75% of the world’s food crops – nutrient-dense fruit, vegetables, nuts and seeds – and 35% of global agricultural land depends on animal pollinators. The greatest of these are the 20,000 species of bees worldwide.

In 2020, Emira began installing beehives at eight of its properties in Gauteng and KwaZulu-Natal. Subsequently, three of the properties were sold, so currently Emira has 14 hives across five properties.

The results so far have been sweet: the busy little workers have produced 106kg of honey for the March 2025 harvest from four apiary sites, namely Knightsbridge (19kg), Hyde Park Lane (16kg), Wonderpark (53kg) and Albury Park (18kg). A by-product of the conservation initiative, the honey is harvested after the summer months when the bees produce a surplus.

However, no honey could be harvested from the two hives at One Highveld, as both underwent “absconding” at the same time – absconding being a normal phenomenon within honeybee hives, part of a cycle in which an old queen is replaced with a younger one. Any existing honey was then “stolen” by other honeybees, another natural turn of events.

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Commissioned to offer clear and deep insight into Emira’s evolving business, this research affirms the fund’s disciplined, diversified and forward-looking approach to real estate investment, both locally and offshore.

The findings note that what distinguishes Emira is its ability to blend resilience with strategic growth.

In South Africa, the study notes that we continue to deliver stable, cash-generative performance through a diversified portfolio that includes retail, industrial, office and residential assets. Vacancies remain below peer averages, tenant retention is strong and the company has proactively invested in energy and water resilience and continued asset upgrades. Notably, Emira has driven down office vacancy rates and increased solar energy coverage to 21% of its commercial portfolio, underscoring operational discipline and environmental stewardship.

Offshore, Emira’s co-investment strategy has unlocked meaningful upside while containing risk. Its growing presence in the US (via needs-based retail) and Poland (through logistics-focused DL Invest) offers Euro- and Dollar-denominated income streams, stronger lease covenants and access to higher-growth economies. These international holdings now comprise over a quarter of our total asset value, which is set to rise post-DL Invest Tranche 2.

Emira currently trades at what the analysis notes is a significant discount to its fair value (estimated at R16.01 per share vs. a market price of ~R10.59), offering investors an attractive entry point. With a circa10.5% plus yield, solid operational performance and a prudent capital recycling model, Emira represents a compelling risk-adjusted return profile.

This research affirms what Emira’s strategic journey has long signalled: disciplined execution, balanced diversification and value-creating growth.

We invite you to read through the research attached to this email and reach out to our executives with any questions you may have.

The post Independent Research: Emira’s Strategic Positioning and Investment Case appeared first on Emira Property Fund.

When & Where

May 28, 2026 (10:30 am) – May 28, 2026 (11:30 am)

Emira Property Fund

The post Year-End Results Presentation appeared first on Emira Property Fund.

SA Direct local portfolio
Commercial portfolio
Despite a challenging economic environment, the local commercial portfolio, consisting of retail, industrial, and office properties, has delivered a resilient performance, meeting expectations for the 10 months ended 31 January 2025 (“the period”). Total vacancies across the portfolio increased to 6,8% (by GLA) at the end of January 2025 (September 2024: 3,9%). The increase was primarily due to RTT at RTT Acsa Park reducing their space from 46 673m2 to 30 833m2 and the impact of disposals over the period. Tenant retention remains a key focus, with 77.5% (by Gross rental) of matured leases being retained. The weighted average total reversions for the period have improved at an overall -4,2% (September 2024: -6,8%).

The Fund’s weighted average lease expiry (“WALE”) at the end of the period remained stable at 2,8 years (September 2024: 2,8 years), while average annual lease escalations remained similar at 6,4% (September 2024: 6,5%).
Collections vs billings for the period were 97.5%

During the period, 26 properties were transferred out of the Fund, generating total gross proceeds of R2.4 billion. These disposals comprised 5 retail properties, 10 office buildings, and 11 industrial parks.

Emira’s experience on the key individual sectors is as follows:

Retail:
Retail vacancies at the end of the period increased slightly to 4,4% (September 2024: 4,2%). The WALE is similar at 3,1 years (September 2024: 3,2 years) and 81,9% (by gross rental) of
maturing leases in the period were retained. Total weighted average reversions for the period have improved to -0.9% (September 2024: -4,0%).

Emira’s retail portfolio of 12 properties consist mainly of grocer-anchored neighbourhood and community shopping centres, the largest being Wonderpark, a 91 038m2 dominant regional shopping centre located in Karen Park, Pretoria North.

Office:
Office vacancies at the end of the period increased to 9,7% (September 2024: 9,4%). The WALE has improved slightly to 2,6 years (September 2024: 2,5 years) and 57,0% (by gross rental) of maturing leases in the period were retained. Total weighted average reversions for the period have improved to -5,8% (September 2024: -9,6%).

Emira’s office portfolio consists of 10 properties, the majority of which are P- and A-grade properties. The sector’s fundamentals remain depressed, with low demand continuing to limit real rental growth.

Industrial:
Industrial vacancies at the end of the period increased to 7,8% (September 2024: 0,7%) due to RTT at RTT Acsa Park reducing their space requirements. The WALE has decreased to 2,7 years (September 2024: 2,9 years) and 73,2% (by gross rental) of maturing leases in the period were retained. Total weighted average reversions for the period have declined to – 10,8% (September 2024: -7,9%).

Emira’s 21 industrial properties are split between single-tenant light industrial and warehouse facilities and multi-tenant midi- and mini-unit industrial parks.

Residential portfolio
The residential portfolio consists of 3 389 units (September 2024: 3 588) located in Gauteng and Cape Town.

Vacancies across the residential portfolio were 4.0% (by units) as at 31 January 2025 (September 2024: 5,0%), which was higher due to the held-for-sale units, and if these held for sale units are excluded, the vacancies were 2,9%.

Collections vs billings for the period under review were 98,4%. In line with the Fund’s recycling strategy 386 residential units have transferred during the period, realising gross disposal proceeds of R312,9m.

USA
The US portfolio now comprises 11 equity investments, down from 12 in September 2024, in grocery anchored, value orientated, open air power centres. During the period, Emira and its co investors successfully completed the sale of San Antonio Crossing, realising gross proceeds of USD28,2m (an 8.87% premium to book value) upon transfer on 18 December 2024. Emira held a 49,50% equity stake in San Antonio Crossing.

As at 31 January 2025, vacancies across the remaining 11 properties had increased to 3,9% (September 2024: 3,5%), mainly due to the bankruptcy of Conn’s (40 120 SF), the home goods retailer at Wheatland Towne Centre. The underlying properties are performing in line with expectations.

DL Invest Group S.A (“DL Invest”)
DL Invest is a Luxembourg-headquartered Polish property company. Through its subsidiaries (collectively the “DL Group”), it develops and holds logistics centres, mixed use/office centres, and retail parks across Poland. Through its internal structure, which includes approximately 230 employees, the DL Group’s business model assumes full implementation of the investment process and actively manages projects as a long-term owner.

Following shareholder approval at the general meeting on 17 March 2025, Emira exercised its Tranche 2 Subscription Option, and on 20 March 2025 subscribed for an additional 113 new B Shares and 113 9% Loan Notes, with each Loan Note linked to a B Share to form a Linked Unit (the “Tranche 2 Subscription”). This increased Emira’s stake to 45% of the total DL Invest shares. The total consideration for the Tranche 2 Subscription was €44.5m, comprising €8.9m for the B Share subscription and €35.6m for the Loan Notes. The Tranche 2 Subscription was funded through a new 5-year Euro debt facility, with a fixed interest rate of 4,71%. As at 31 December 2024, the DL Group holds a portfolio of 38 properties (excluding land and properties under development) with an estimated value of approximately €670m. This portfolio consists of logistics/industrial properties (67% by value), retail properties (11% by value), and mixed- use properties (22% by value). Additionally, as of the same date, the DL Group owned land and properties under development with a combined carrying value of €182m.

As at the 31 December 2024, total vacancies across the DL Invest portfolio increased to 3,2% (September 2024: 2,0%), while the WALE remained at 5,5 years.

Capital management and liquidity
As at 28 February 2025 the Fund had unutilised debt facilities of R1,09b together with cash-on-hand of R349,2m. This was bolstered in March 2025 by a new 5 year €45m term debt facility from Rand Merchant Bank to fund the DL Invest Tranche 2 Subscription.

The Fund’s loan-to value ratio (“LTV”) decreased to circa 34,1% as at 28 February 2025 (September 2024: 42,0%) because of disposal proceeds received on properties that transferred post 30 September 2024 being used to reduce debt. Following the DL Invest Tranche 2 Subscription the LTV has increased and is expected to close at c. 36% – 37% by 31 March 2025.

Conclusion
The Fund is on track to exceed its objectives for FY25. Emira expects to release its results for the full year ended 31 March 2025 on Wednesday, 28 May
2025.

This information is the responsibility of the Directors and has not been reviewed or reported on by
our external auditors.

The post Emira Issues Pre-Close Market Update appeared first on Emira Property Fund.

We have long recognised the immense value of collaboration at Emira Property Fund. The real estate industry is traditionally dominated by sole-ownership-centric strategies, but we believe that co-ownership offers a smarter, more risk-adjusted approach to international investing. Our offshore investment journey — first into the United States and then into Poland — has reinforced this belief.

Co-ownership is not merely about shared ownership; it is about shared expertise, shared risk, and shared opportunity. It allows us to leverage the strengths of our partners, navigate local market complexities, protect against the downside and execute deals more effectively than if we were operating alone.

Learning from our US experience
Our entry into the U.S. market was not only a successful investment but an insightful exercise in understanding the true benefits of co-ownership. While practical challenges such as time differences and travel logistics exist when operating in this market, these are minor compared to the strategic advantages we gained.

Had we pursued a direct ownership model, we would have faced significant hurdles, particularly in acquiring quality centres and then the negotiations with funders and major national tenants. The reality is, when a local business leader with long-standing relationships in the market picks up the phone, doors open more readily than they would for an unfamiliar South African investor. Our partners in the U.S. brought these critical relationships to the table, ensuring greater access to opportunities, more effective negotiations and superior deal-making outcomes.

Some may argue that establishing an in-country team could achieve the same effect. However, in an incremental investment strategy like Emira has for our US investments, building such a team too early is costly and inefficient. Rather than assembling a high-salaried team for a relatively small initial portfolio, we opted to partner with an established expert, ensuring cost efficiency, immediate market penetration, and lower initial risk exposure.

Expanding the model to Poland
Having seen the tangible benefits of this strategy in the U.S., we confidently scaled our co-ownership approach in Poland. However, this was not simply a replication of our U.S. strategy; rather, it was an evolution of it.

The Polish opportunity was fundamentally different: rather than acquiring individual assets one by one with in-country partners, we took a stake in an existing company with a substantial portfolio of 37 developed assets. This gave us immediate scale, access to an established management team, and deep-rooted local expertise — all without the lengthy and costly process of building a presence from scratch.

Moreover, Poland presented unique challenges: language barriers, unfamiliar banking relationships, and a tenant landscape we were not well-versed in. Here again, co-ownership proved invaluable. Our partners in Poland have naturally mastered these intricacies, enabling us to function as experienced market players from day one.

The true meaning of collaboration
Many assume collaboration is about working together harmoniously, but in reality, it is about working effectively, even when differences exist. In co-ownership, partners will not always be perfectly aligned in approach, style, or execution. What matters is a shared commitment to the outcome and a
structure that enforces true partnership.

At Emira, we firmly believe that for collaboration to be effective, all partners must have genuine skin in the game. This means sharing the risks and rewards equitably. Our structures ensure that if we profit, our partners profit; if we lose, they lose too. This balance creates a powerful incentive for all parties to make sound, strategic and long-term decisions.

Our model is not just theoretical—it is structured into our investments. Our co-ownership agreements ensure that our partners assume at least the same or greater degree of risk as we do. Their commitment is real, tangible, and embedded into the deal structure.

The risk-adjusted return advantage
Beyond the strategic benefits, co-ownership also enhances our risk-adjusted returns. We do not need to take on 100% of an asset’s risk to benefit from its potential upside.

For instance, in the US, our joint ownership of open-air power centres allows us to access nonrecourse debt over each asset at favourable interest rates—terms that would have been far less attractive if we had entered as a standalone South African investor. Our partners’ established credibility in the market played a crucial role in securing these financial advantages.

Similarly, in Poland, rather than attempting to outmanoeuvre local specialists, we leveraged their expertise to secure a profitable position in an already successful business. This ensured that our entry was strategic, measured, and positioned for growing success.

The bigger picture: co-ownership as a competitive edge
Some sceptics have questioned why South African funds risk offshore opportunities rather than focusing exclusively on domestic investments. For Emira, the answer is simple: We are not attempting to outsmart investors native to foreign markets — we are partnering with them.

By aligning ourselves with on-the-ground specialists, we are not only reducing risk but also improving our access to deals, market knowledge, and operational efficiency. Rather than adopting a rigid, onesize- fits-all investment approach, we tailor each deal to the opportunity at hand.

The strategic advantage
Co-ownership is not about compromise; it is about optimisation. It is about recognising that success in global markets requires humility—acknowledging that local expertise is an invaluable asset and that working collaboratively yields superior results.

At Emira, we take pride in our collaborative mindset — not just in our international investments but also in our domestic market. Our partnerships investing in Enyuka, Transcend, and The Bolton officeto- residential conversion are just a few examples of how we have successfully embraced coownership.

As we continue expanding our international footprint in the US and Poland, our co-ownership model will remain a cornerstone of our strategy. It reduces risk, enhances returns, and unlocks greater expertise. Doing business this way is also more enjoyable. When like-minded people who are committed to the upside, yet all face the downside consequences, gather around the table, you arrive at better solutions. It makes the journey not just more successful but also more rewarding and fun.

The real estate industry is full of players determined to control every aspect of their investments. At Emira, we believe in a different approach. We do not need to own everything outright to achieve success; we need to own the right pieces, in the right way, with the right partners.

And that, we have found, makes all the difference.

Released by Catchwords for:
Emira Property Fund
Geoff Jennett, CEO
Tel: 011 028 3115
Emira.co.za

Facebook @EmiraPropertyFund
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