RETAIL PROPERTY
Emira plans dynamic expansion in US
JSE-listed property company has highly successful partnership with Dallas-based Rainier
Emira Property Fund, the only JSE-listed SA real estate company invested in the US, plans to increase its asset base fourfold in that country to R1.7bn in the next 18 months. The diversified SA group plans to reach that target by July 2020, saying the world’s largest real estate market is the most appropriate region for it to invest because of its variety of niche property sectors. CEO Geoff Jennett said Emira’s partnership with US private Dallas-based group Rainier has been highly successful since the two started coinvesting in grocery-anchored convenience retail centres a year ago.
Jennett said Emira has interests worth $32m in four centres and that this would increase to $120m within 18 months. The $32m accounted for 3.1% of Emira’s R15.1bn asset base. He expected the group’s US exposure to be 4% of its total assets by the end of the 2019 June financial year. The following year it would be about 12% of its total assets. Jennett said Emira “freed up a large amount of cash fr...
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