Emira expands with R403m Pretoria commercial property
Emira Property Fund has secured another prime property asset in Pretoria’s Menlyn node with a R403m investment and 50% share in five buildings in Summit Place.
Emira is a diversified JSE-listed REIT invested in a portfolio of office, retail and industrial properties. The company concluded the acquisition deal in 2015 at an average yield of 8.14%.The first two completed buildings transferred to Emira in December 2015. They offer state-of-the-art security, ample parking, and upmarket finishes for an appealing business environment. The remaining three buildings, which include office and retail space, will be developed for completion in January 2017.“In addition to the excellent visibility and access to Summit Place, the quality tenants on long-term leases are extremely appealing to an income fund such as Emira, providing us with a solid income stream for years to come,” says Jennett.