Emira Property Fund, the only South African real-estate group which owns property in the US directly, has bought into its fourth shopping centre in the world’s largest commercial property market. The JSE-listed real estate investment trust (Reit) said it had undertaken its fourth equity deal in the US with its in-country partners in the US, the Rainier Group of Companies. Emira has been trying to enhance its international portfolio to diversify against South African real-estate risks. This latest deal has taken Emira’s exposure to the US to 3% of its total assets and its international exposure in developed markets to 9% of total assets, including its investment in Australia-listed Growthpoint Properties Australia. Emira acquired 49% of Stony Creek Marketplace, a dominant power centre valued at $32 and, located in Noblesville, Hamilton County, in Indiana. The investment represents a cash-on-cash return of 11.7% in US dollars for Emira, on a net cash equity investment of approximately...

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