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EMIRA PROPERTY FUND LIMITED - Voluntary update in respect of the disposal of certain office assets and associated letting enterprises

Release Date: 20/12/2018 16:49
Code(s): EMI     PDF:  
 
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Voluntary update in respect of the disposal of certain office assets and associated 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 Interest Rate Issuer Code: EMII
(Approved as a REIT by the JSE)
(“Emira” or “the Company”)


VOLUNTARY UPDATE IN RESPECT OF THE DISPOSAL OF CERTAIN OF EMIRA’S OFFICE ASSETS AND
ASSOCIATED LETTING ENTERPRISES AND FULFILMENT OF CONDITION PRECEDENT


Shareholders are referred to the announcement released on SENS on 1 November 2018, wherein the
Board advised of certain suspensive conditions still to be met in terms of the rental enterprise sale
agreement concluded between Emira and Shankly Property Investments Proprietary Limited (now
renamed Inani Prop Holdings Proprietary Limited) in respect of the disposal of 25 office assets and
associated letting enterprises (“the Transaction”).

The Board is pleased to advise that:

-     the Transaction has been unconditionally approved by the relevant Competition Authorities;
-     for 23 of the office assets, all suspensive conditions have now been fulfilled, and the parties will
      accordingly work towards transferring these assets in the relevant Deeds Offices in due course;
-     in relation to the transfer of the 2 remaining assets, being 1059 Francis Baard and Tuinhof, the
      renewal or extension of the current lease agreements with the respective anchor tenants by a
      period of 3 years still remains a suspensive condition.

Bryanston
20 December 2018

Sponsor and Corporate Advisor to Emira
Questco Corporate Advisory Proprietary Limited




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