Kagiso Tiso Holdings Proprietary (KTH) has realised the value of its investment in Emira Property Fund through a significantly oversubscribed accelerated offering of all of KTH’s 29,316,187 participatory interests (PIs) in Emira, representing 5.74% of its PIs in issue.

James Templeton, CEO of Emira, said: “KTH has been a long-time partner of Emira. We thank them for their investment and appreciate the part they have played in our business. We are extremely pleased this relationship has been financially fruitful for KTH, and that Emira proved an appealing and rewarding investment for them.”

Emira remains committed to Broad-Based Black Economic Empowerment (BBBEE) and driving the economic and social transformation of South African society.

The PIs, with a market value of approximately R530m, were taken up by a diverse cross-section of institutional investors.

In addition to Emira’s institutional investors that together represent millions of South Africans of diverse backgrounds, Emira has built a base of empowered investors that include its PI holders Avuka Investments and the Shalamuka Foundation.

“We would certainly like to increase the level of BEE participation in Emira at all levels, as represented by the Property Sector scorecard, which includes, amongst others, ownership, employment equity and procurement, and will be looking at different ways of doing this,” said Templeton.

“We continue to pursue and realise transformation and empowerment in all areas of our business,” he added.

Emira is a JSE-listed SA REIT (real estate investment trust) invested in a quality diversified portfolio of office, retail and industrial properties.

Emira is a certified Level 3 BEE contributor with assets comprising 148 properties valued at R12.5bn.

Emira is also internationally diversified through its direct interest in ASX-listed Growthpoint Properties Australia (GOZ), valued over R700m, with total assets now at R13.5bn.