EMIRA ADDS ANOTHER TWO SHOPPING CENTRES TO ITS USA RETAIL PROPERTY PORTFOLIO
Emira Property Fund has made two further equity investments into grocery-anchored dominant shopping centres in the USA, both located in Texas.
This furthers Emira’s growing US investment strategy through which it has now assembled a portfolio of eight value-focused retail centre assets in thriving states of the USA.
Geoff Jennett, CEO of Emira, says: “Our latest acquisitions strengthen the value and quality of Emira’s equity in its US retail portfolio and take its value to USD61m, or more than R850m.”
Emira’s US retail property exposure is now almost 6% of its total portfolio. This places Emira on track to achieve its goal of 8% of its total assets in the US by June 2019.
The JSE-listed REIT co-invests in the US with its in-country partners, the Rainier Group of Companies.
The seventh shopping centre to be included in its US portfolio is the 150,000sqf San Antonio Crossing in Texas. The centre is 100% let and 88% occupied by national tenants and has a 7.6-year weighted average lease expiry (WALE). It is shadow-anchored by Texas-based grocery chain H-E-B Plus!. San Antonio Crossing was acquired for USD24m at an 8.85% initial capitalisation rate.
The eighth shopping centre acquired by Emira’s US partnership is Wheatland Towne Crossing in Dallas, Texas. The 206,000sqf open-air, value-oriented centre is shadow-anchored by mega-retailer Target. It is 99% occupied and 90% let to national credit tenants. The centre has a WALE of 4.4 years. The retail centre was acquired for USD32.2m at an 8.67% initial capitalisation rate.
Emira is a medium-cap diversified REIT that is invested in a quality, balanced portfolio of office, retail, industrial and residential properties. At 31 December 2018, its directly held assets comprised 104 properties valued at R12.5bn. It invests indirectly in 22 shopping centres valued at R1.04bn through its exposure to Enyuka Property Fund. It also has a 34.9% holding in JSE AltX-listed Transcend Residential Property Fund. Emira is internationally diversified through its investment in ASX-listed Growthpoint Properties Australia (GOZ) valued at R941m, and its equity investments in eight grocery-anchored open-air convenience shopping centres with a combined value of USD61m through its USA subsidiary.
More information from Emira, Tel: 011 028 3116 / www.emira.co.za