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EMIRA PROPERTY FUND LIMITED - Update on proposed acquisition of the entire issued share capital of SA Corporate Real Estate Limited

Release Date: 06/08/2019 17:51
 
Wrap Text
Update on proposed acquisition of the entire issued share capital of SA Corporate Real Estate Limited

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”)


Update on proposed acquisition of the entire issued share capital of SA Corporate
Real Estate Limited (“SAC”)

Shareholders are referred to Emira’s announcement released on SENS 10 July 2019 and
the announcement from SAC released on SENS on 5 August 2019.

Emira remains of the view that, subject to performing a detailed due diligence on
SAC, its proposal to potentially combine with SAC as further described in its
announcement of 10 July 2019 is compelling for both SAC and Emira, as the shareholders
of both entities would benefit from, inter alia, a larger, more diverse property
portfolio, an improved combined credit profile, overhead savings and procurement
benefits, and the ability to draw upon Emira’s stable executive management team and
available real estate management capacity.

However, in the absence of being granted the opportunity to further interrogate the
value proposition of the proposed transaction through a due diligence of SAC, Emira
is unable to proceed with its proposal at this time.


Bryanston
06 August 2019

Transaction Adviser
Macquarie Advisory and Capital Markets South Africa (Pty) Ltd

Legal Adviser
Allen & Overy (South Africa) LLP

Sponsor
Questco Corporate Advisory (Pty) Ltd

Date: 06/08/2019 05:51:00
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