Emira: Fund to convert to corporate REIT

EMIRA Property Fund has announced its plans to change from an ordinary property fund into a corporate real estate investment trust (REIT) that will start trading on the JSE in July. The company said it had written to its shareholders advising them of its intentions to place its management structure under internal control to pave the way for the listing. Chief executive James Templeton said the conversion would simplify its structure and improve the shareholding for investors. “Emira will be the same business with the same strategy, management team, assets and prospects, but benefit from the foundation of a more streamlined, competitive structure that is better understood by investors worldwide,” Templeton said. The converted company would trade under the New Emira name. The company, which has total assets worth more than R13.5 billion in South Africa and Australia, said shareholders would be offered new shares on a pro rata basis. The company said it had first attempted to implement the changes in 2010 but could not succeed as it still needed to keep the legal entity of its external management company. Emira shares on the JSE rose 0.94 percent to R18.17. – Sechaba ka’Nkosi