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Disposal of letting enterprises
EMIRA PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number 2014/130842/06)
JSE share code: EMI ISIN: ZAE000203063
JSE Bond Company Code: EMII
LEI Number: 3789005E23C6259EAE70
(Approved as a REIT by the JSE)
("Emira" or the "Company")
DISPOSAL OF LETTING ENTERPRISES
1. INTRODUCTION AND RATIONALE
Shareholders and noteholders are advised that:
Emira, through its wholly owned subsidiary, Transcend Property Fund Proprietary Limited, has
signed an agreement to dispose of its entire interest in the target properties, known as
Molware, Urban Ridge East, Urban Ridge West and Urban Ridge South as a series of separate
and divisible sales, to The Urban Impact Rental Trust (the "Purchaser"), signed and represented
by Ian Mason & Gregory Coe, as the authorised Trustee representatives, for an aggregate
consideration of R530 000 000 (inclusive of VAT at a rate of 0%) (the "Purchase Consideration")
(the "Transaction").
The Target Properties are herein described as:
• Molware - 252 sectional title residential units and a creche;
• Urban Ridge East - 184 sectional residential units;
• Urban Ridge West - 260 sectional residential units;
• Urban Ridge South - 232 sectional residential units;
The Transaction forms part of Emira's strategy to recycle capital. The net proceeds of the
Transaction will initially be used to reduce Emira's debt and subsequently to fund new
acquisitions in accordance with Emira's investment policy.
2. TERMS OF THE TRANSACTION
The effective date of the Transaction will be the date of registration of each sectional title unit
into the name of the Purchaser. The Purchase Consideration will be paid in cash against
registration of each sectional title unit. The Purchase Consideration will escalate at 0.4% per
month from 1 January 2025 to the transfer date (both days inclusive) calculated daily and
compounded monthly in arrears.
The agreement for the Transaction contains undertakings, warranties and indemnities which
are normal for a transaction of this nature.
3. PROPERTY SPECIFIC INFORMATION
Property name Location Sector No of Weighted Purchase
units average price
rental attributable
(R/unit) to each
Property (R)
Kosmosdal,
Molware Pretoria Residential 252 6,091 137 047 000
Midrand,
Urban Ridge East Johannesburg Residential 184 7,128 111 161 000
Midrand,
Urban Ridge West Johannesburg Residential 260 6,934 140 007 000
Urban Ridge Midrand,
South Johannesburg Residential 232 7,241 141 785 000
530 000 000
The Purchase Consideration is considered to be a fair market value, as determined by the
directors of Emira. The directors of Emira are not registered as professional advisors or as
professional associate advisors in terms of the Property Valuers Profession Act, No 47 of 2000.
4. FINANCIAL INFORMATION
The net expected cash proceeds from the Transaction are R530 000 000. The net operating
income (excluding straight-lining rental income adjustments) based on the unaudited financial
statements of Transcend (prepared in terms of IFRS) for the six months ended 30 September
2024 is R25 325 404.
5. CATEGORISATION OF THE TRANSACTION
The Transaction is categorised as a Category 2 transaction for Emira in terms of the JSE Listings
Requirements and as such is not subject to Emira shareholder approval.
Bryanston
5 March 2025
Equity and Debt Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 05-03-2025 01:15:00
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