Emira Property Fund

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Emira Property Fund Limited
  • Emira Property Fund
  • Year : Jun 2021
3 Tokens
USD 300.00
Summary

Emira listed on the Johannesburg Stock Exchange in 2003 as a property unit trust, later converting to a real estate investment trust (“REIT”) with effect from July 2015. The fund has a diversified portfolio with assets spanning the retail, industrial, office and residential segments across South Africa and further afield through investments in the USA. Emira uses an outsourced property management model, appointing Broll Property Group for most of its assets, while Feenstra Group is also appointed at certain properties.

Additional Information

Emira had a moderate gearing profile prior to the onset of the pandemic, however, the prolonged nature of disruptions caused by the pandemic have weighed on Emira’s credit metrics. Over the 18-month period to December 2020, the REIT has cumulatively written down c.R1.2bn in property, albeit the bulk of this was reported at the June year-end. This, together with the deterioration in the fair value of Emira’s derivative contracts drove the LTV ratio up to 43.0% at FY20.

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