Emira Property Fund Limited (the Company) is a Real Estate Investment Trust (REIT) domiciled in South Africa and, together with all its subsidiaries (the Group or the Fund or Emira), owns a portfolio of property investments which are diversified both sectorally and geographically. Emira's risk mitigating sectoral and geographical diversification strategy has enabled it to continue to deliver returns throughout the cycles. The Fund has direct property holdings as well as indirect property investments, through equity investments in property owning companies with specialist third-party co-investors. In South Africa, the Fund owns a direct portfolio of properties diversified across the retail, industrial, office and residential sectors, which it segregates between the Commercial Portfolio (the retail, industrial and office properties) and the Residential Portfolio (the residential properties). The Residential Portfolio includes the properties of Transcend Property Fund (Transcend), a specialist residential property company owned by Emira which is focused on value-oriented, good-quality suburban units. At the reporting date the Fund held a 68,15% interest in Transcend. On 13 November 2023, subsequent to the reporting date, Emira's offer to acquire all of its issued ordinary shares not already owned by Emira (the Offer) was concluded, resulting in Emira acquiring 48 327 832 Transcend shares. The Fund's disposal of Enyuka Property Fund, a rural and lower-LSM retail venture with One Property Holdings, closed on 20 July 2023 for an aggregate consideration of R646,3m. Emira's only remaining indirect investment is the portfolio of investments in the United States of America (the USA or US), being equity interests in 12 grocery-anchored dominant value-oriented power centres, held together with its US-based partner, The Rainier Companies.
