You can also listen to this podcast on iono.fm here. ADVERTISEMENT CONTINUE READING BELOW Welcome to The Property Pod, South Africa’s premier property investor podcast. On this weekly Moneyweb show we gain insider insights from leading CEOs, analysts, developers, and entrepreneurs in South Africa’s expansive property industry.
One of Emira’s US open-air mall properties – the Newport Pavilion in Cincinnati, Kentucky – owned jointly with its partners the Rainier group. Image: SuppliedLet’s start on that note – the whole recycling and how busy the year has been for Emira? “We’ll use that cash to park into our revolver funding facilities, until we are ready to then move further with making an acquisition in potentially an offshore jurisdiction, something that makes sense for us as Emira and for all of our stakeholders.”
“However, we’ve battled to find the quality of assets at the prices we want to pay for those assets in the last two to three years, and that’s just because of the higher level of interest rates and because the good assets aren’t available to purchase at this point in time. On the whole US expansion, I thought I’d be a little bit provocative. There was a piece that we had on Moneyweb written by a Stanlib property analyst Nicolas Lyle which was quite spicy, as the youngsters would say. The note was on SA’s listed property sector and mentioned Emira … what’s your response to it?
“I think it’s important that the funds themselves actually do their own diversification, fund managers tend to think that they are the guys who should be doing the diversification.” “If we had to utilise all those proceeds, we would be down in the mid-30% in terms of loan to value, and that fund manager might find attractive because there’s less risk that’s on the table.
“Yes, Suren, very topical and it’s prevalent throughout the sector – basically across the majority of Reits, where we are trading at discounts to our net asset value. Investors are taking a view on us that they don’t believe in our net asset value. “So it’s an anomaly that we are having at the moment for various reasons. But we do know that over time, when we trade at discounts to NAV, we’ll revert back to the mean, and when we trade at premiums to NAV, well, then we’ll revert back to the mean too …Emira gets a boost from capital recycling initiativesBullish Vukile’s R700m cap raise to fund Spanish and SA expansion
Source: Real Estate Daily Report (realestatedailyreport.net)
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