Emira first local property group to invest directly in US
Emira Property Fund has become the first South African-based real estate investment trust (Reit) to invest directly in American property. Emira’s new US investment strategy, to be undertaken with strategic partners in that country, will focus on grocery-anchored convenience retail centres. Emira is already internationally diversified, with 6% of its income derived from its investment in Australian Securities Exchange-listed Growthpoint Properties Australia (GOZ). Its US investment strategy will result in this quickly growing to an overall 8% with potential to expand to at least 10%. Geoff Jennett, CEO of Emira, said: "GOZ has been a phenomenal investment for Emira for many reasons and, building on this, we have targeted further international diversification in developed markets. "Having considered several investment destinations, we identified the USA as being the best fit for us. It is the primary first-world market and the US dollar is the world’s benchmark currency. "As the bigge...
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