Real Estate Investor Magazine South Africa October 2018 | Page 45

LISTED Emira acquires a stake in residential property fund Tran- scend JSE-listed Emira Property Fund will take a minority stake in JSE AltX-listed Transcend Residential Property Fund, furthering Emira’s stated strategy of expanding its investment in Geoff Jennet, CEO Emira residential rental property.   Transcend has announced its intent to issue new equity to fund the R1.27bn acquisition of eight properties, which will effectively double its portfolio value to R2.5bn, taking it from from 13 properties to 21 properties, and increasing its residential units from2,472 to 4,631. At the same time, it will realign its capital structure.  Emira has provided an immediate R45.9m equity injection into Transcend, resulting in a 9.9% holding of Transcend’s total shares in issue. In addition, Emira has committed to advance between R290m and R395m of funding for Transcend’s planned property acquisitions in the next 18 months and has signed an irrevocable commitment for between 25.1% and 34.9% of Transcend’s total shares in issue, effectively underwriting Transcend’s portfolio acquisition.   Emira embarked on its first residential property investment with the R200m conversion of its Rosebank office properties formerly occupied by Sasol into the contemporary residential apartments of The Bolton. The apartments are currently being phased onto the market with strong take-up success among young professionals. For The Bolton, Emira is partnering with experienced experts in residential development, Feenstra Group and HB Realty.  With its Transcend transaction, Emira’s residential property exposure is now 3.5% of its total investment portfolio. It plans to increase this to between 5% and 10% of its total assets over time. 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VAT) DS r Greate YOUR FI FREE NANCIAL Gettin DOM GUID prope g a foothold E RTY PRACT UK & RE Investor Major Changes Afoot ITIONER’S US BILL JULY 2017 R80.00 (Incl. VAT) 2017 WINNER SAPOA JOURNALISM Property 9 771995 655001 Friendly Marke ts AWARDS 06091 AWARDS Property Publication of the Year 2013 & 2015 AUGUST Publication of the Year 9 771 995 2013 & 2015 655 001 R80.00 08 (Incl. VAT) 09 3 SAPOA WINN JOURN ER ALISM AWAR DS Prope Publication rty of 2013 & the Year 2015 Effectiv Highly e Truste es Fixing up Jozi Grit delivers solid results Grit, the only listed Africa- focused income distribution group to offer international property investors access to high growth opportunities in thriving African economies,  outside of South Africa, continued on its strong growth trajectory, Bronwyn Corbett, CEO Grit reporting solid financial results for the year ended 30 June 2018. “ “ behind France. At the same time, it engaged a high-calibre Spanish management team, operating as locals on-the- ground, which has proven to be a source of advantage. It went on to complete the acquisition of a further two retail parks in December 2017 for EUR70m, which took its Spanish asset base to around EUR300m. The perception around property investment on the continent outside of South Africa is con- tinuously gaining positive momentum, both internationally and on the JSE  Grit significantly diversified its shareholder base following its successful listing on the London Stock Exchange on 31 July 2018 in which it raised US$132.2 million. New UK investors now hold 12% of the Company’s issued share capital via the London Stock Exchange. Investors on the Stock Exchange of Mauritius hold 38% and investors on the JSE account for the remaining 50%.  The Company declared a final distribution of US$6.12 cents per share, bringing the total dividend for the year to US$12.19 cents per share. This represents an  8.5% annualised dividend return (based on last issue price). The Company’s EPRA* NAV increased by 6% as a result of positive independent revaluations across the portfolio.  “This is our ninth consecutive dividend in line with guidance. The perception around property investment on the continent outside of South Africa is continuously gaining positive momentum, both internationally and on the JSE.”    “The additional transparency and benchmarking against EPRA reporting guidelines as a result of the London listing has significantly raised our profile internationally, allowing us to introduce several large, long-term international shareholders to the Company. We will in due course seek a conversion to a ‘premium listing’ on the LSE, which is regarded as the international gold standard for governance, to which investors attach a premium,”  commented CEO and founder member Bronwyn Corbett. 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