BUSINESS DAY TV: Emira looks to diversify its portfolio
Geoff Jennett, CEO of Emira, discusses half-year results from the property fund and the plans for growth in 2017 and 2018.
Geoff Jennett is CEO of Emira Property Fund. BUSINESS DAY TV: Emira Property Fund has reported revenue for the half-year to December up a marginal 0.9% and has declared a 68.93c dividend per share having already primed the market for negative growth of 2% in distribution per share for the full year. The company’s feeling the pressure of its office portfolio where vacancies have increased from 4.7% to 7%. But says it’s working on building a stronger portfolio that should see a return to positive growth by 2018. CEO Geoff Jennett joins me now. Geoff, so let’s hone in on the office vacancies you’re seeing right now because they’ve increased to 16% and are above the national averages of 10.7%. Why are you getting more, so hard hit? What exactly is going on there? GEOFF JENNETT: We’ve been a little bit unlucky on our office portfolio in that we had some large single tenants that vacated our premises last year and we’ve been anticipating this, and this is why six months ago we primed the ...
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