At R614 million, Menlyn Corporate Park is Emira’s largest single building acquisition to date. The impressive new addition is an A+ grade high quality office building, prominently located on the corner of Corobay Avenue and Garsfontein Road, in the upmarket Menlyn Maine precinct in Pretoria. With a GLA of 25 000m2, this fully let asset is a single building, multiple tenant property in an area brimming with valuable developments.
- Emira’s biggest single building acquisition ever at R614 million
- Premium Quality Office Space – 25,000 m²
Emira’s strategy is to acquire large, high quality properties, located in growth nodes that are expected to provide good income growth. With the planned R3,5 billion casino development Menlyn is expected to be the premier node in Tshwane, drawing people from across the city as well as adjacent provinces. The Fund’s PI holders will benefit from the attractive yield as well as growing income stream over the long-term. Menlyn Corporate Park has become the Fund’s second largest property by value at June 2014.
Emira’s PI holders will be pleased to note that the R614 million acquisition was funded entirely through the use of debt facilities and is expected to be earnings neutral in the first year, and enhancing in the second year. Of the R614 million purchase price, R300 million was funded in terms of a four-year corporate note, unsecured, while the balance of R314 million was raised by way of a Nedbank unsecured three-year facility. The acquisition of Menlyn Corporate Park became effective on 1 June 2014 and represents significant added value to the Fund. The purchase is in line with the overall strategy to grow distributions to PI holders, by strategically selecting and targeting large value-enhancing assets, with high quality tenants thereby expanding the size and quality of Emira’s portfolio.
Situated in close proximity to other prominent Emira assets — this sleek, modern building that was developed in stages from 2010 to 2013, accommodates high quality tenants including Santam, BVi Consulting Engineers and CTI Education Group. Menlyn Corporate Park is located close to the Corobay Corner office building and a multi-billion rand Sun International casino, hotel and conference complex to be developed will reside across the road. Menlyn Corporate Park enjoys the benefits of — and contributes to — Menlyn Maine’s striking mix of numerous, high quality corporate and retail developments. Firmly among Gauteng’s most elite commercial nodes, strong demand and interest in the Menlyn Maine precinct, as well as substantial investment in ultra-modern developments, make it a premium destination of choice for many businesses.