Emira to cut office exposure by R200m, and plans to make JSE-listed Transcend its subsidiary

The owner of Johannesburg's The Bolton apartment building and Springfield Retail Centre in Durban, Emira Property Fund, wants to reduce its office exposure by R200 million this year and take over another listed property company that specialises in residential property.

Emira increased its stake in the JSE-listed Transcend Residential Property Fund from 39.2% in December 2021 to almost 41% this March.

Last month, it made an offer of R5.38 per share to the other shareholders to buy all Transcend shares it does not currently own. Emira has already received "irrevocable support" from shareholders with a 16.7% stake in Transcend.