Emira expands retail footprint, upgrades centres
Johannesburg – JSE-listed Reit (real estate investment trust) Emira Property Fund invested over R250m in acquiring new centres and upgrading its shopping centres.
“We’re investing strategically to strengthen our retail assets. Through key acquisitions and tactical upgrades, we have improved tenancies, shopper numbers and turnovers in our portfolio. The success of these investments is built on the solid foundation of retailer and shopper demand,” said Emira CEO Geoff Jennett.
“With pro-active asset management of our retail portfolio, we have already achieved a low retail sector vacancy of 3.0%. This is significantly below the South African Property Owners Association (Sapoa) national level of 5.3%.”
Emira recently acquired a 50% undivided share in Shoprite Mall in Mitchell’s Plain, Cape Town for R75.3m. Emira also recently completed a R12.1m upgrade to accommodate new and bigger stores at Market Square in Plettenberg Bay.
Emira also invested a further R5m in its upgrade to Granada Square, a shopping centre located in the heart of Umhlanga Rocks, KwaZulu-Natal. The R13.1m reconfiguration of the Springfield Retail Centre in KwaZulu-Natal has also yielded positive results for Emira, including several new major tenants and a stronger market position.
Emira also acquired the remaining 40% share in Ben Fleur Boulevard in the Mpumalanga town of Witbank (Emalahleni) for R63.7m, making it the outright owner of the centre.
Jennett pointed out that these improvements have been achieved through Emira’s strategic recycling of capital.
“We are focusing on recycling capital from disposals and investing this into improving the quality of our current assets,” said Jennett, adding Emira will continue to look for opportunities to optimise and expand its portfolio, to create value for all its stakeholders.