Emira aims to take over SA Corporate Real Estate
Move by owner of premium offices shows that consolidation is gathering momentum in the listed real estate sector
Emira Property Fund, the owner of premium offices such as Bryanston’s Knightsbridge Manor and Hyde Park Lane, plans to buy out SA Corporate Real Estate in a deal that would create a group worth about R15.5bn, showing that consolidation is gathering momentum in the listed real estate sector.
Emira has spent the past two years getting rid of its older, poorly performing SA offices and expanding into the US, which has resulted in a better share price and dividend growth. Its share price grew nearly 10% in 2018 while the SA listed property index lost 32%.