Emira Property Fund has managed to turn its fortunes around over the past two years, thanks largely to strong offshore acquisitions in the US. The group released results for the six months to December on Wednesday, showing it grew its dividend per share 3.1%, in line with guidance. Some fund managers said the group had become a reliable property fund again, having taken about two years to implement a turnaround strategy. Emira had struggled to fill vacancies at old B- and C-grade offices, and saw its dividend growth fall 2% in the year to June 2017. It then restructured its asset base quickly by selling numerous offices and improving leasing across its portfolio. It also invested in the world’s largest commercial property market for the first time by buying grocery store-anchored US retail parks in partnership with private group, Rainier. The company now has R760m worth of exposure to six US retail parks. It also has R918m worth of exposure to Growthpoint Australia and owns R528m or...
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