
Ulna van Biljon
Emira
Chief Operating Officer

Greg Booyens
Emira
Chief Financial Officer
Emira Property Fund has reported a robust set of results for the year ended 31 March 2025, reflecting a transformative year of strategic repositioning, international expansion, and disciplined capital management. Following disposals of non-core South African assets and a landmark €100 million (R2 billion) investment in Poland, Emira strengthened its balance sheet, increased dividend distributions, and created renewed optionality for future growth.
The real estate investment trust (REIT) closed it’s financial year with a renewed portfolio, enhanced global diversification, and a clear path toward sustained shareholder value. The fund’s successful execution of complex strategic moves alongside operational resilience underscores its maturity and ambition in a shifting real estate landscape. With capital flexibility and an expanded international footprint, Emira is well-positioned to navigate future challenges and seize growth opportunities both locally and internationally.
The REIT declared a final cash-backed dividend of 61.50 cents per share, bringing total dividends for the year to 123.89 cents per share, a 5.9% increase year-on-year. Distributable income per share rose 4.9% to 124.89 cents, while net asset value (NAV) surged by 21% to R20.67 per share—marking the highest NAV growth the fund has recorded in recent years.
“FY2025 has been a pivotal year for Emira. Our successful execution of a major strategic reset has positioned us for long-term sustainable value creation,” said Ulna van Biljon, Chief Operating Officer. “We’ve delivered on our key KPIs, including creating liquidity through asset disposals and executing our investment in DL Invest.”
Asset reallocation and offshore expansion
Emira sold R2.8 billion worth of non-core South African properties, including 27 commercial buildings and 427 residential units, largely at or near book value. These disposals unlocked capital that was partially deployed into a new €100 million (R3.4 billion) investment in DL Invest, a Polish logistics and mixed-use development platform.
The transaction, which does not involve buying out exiting shareholders, was structured to secure a 7.2% preferred annual return, indexed to the Harmonised Index of Consumer Prices (HICP) in Europe, with a five-year liquidity event built in. Emira’s management estimates a minimum capital value of €190 million, implying a projected euro-denominated internal rate of return (IRR) of 21%.
“This is a direct injection of growth capital into DL Invest, not just a secondary share purchase,” said van Biljon. “It’s structured for long-term value creation and enhances our exposure to a high-growth European economy.”
Following the transaction, 38% of Emira’s portfolio is now international, with 21.2% in Poland and 16.6% in the United States, significantly diversifying geographic and currency risk. The Polish exposure positions Emira in a logistics market buoyed by infrastructure investment, strong consumer demand, and a stable macroeconomic outlook.
Portfolio Resilience and Operational Metrics
Despite reducing its total property holdings, Emira reported solid operating metrics across its South African and international portfolios. Like-for-like net property income in the commercial SA portfolio increased by nearly 2%, supported by lower energy costs and stable tenant demand. Overall income declined slightly due to the reduced asset base.
Vacancies across the domestic portfolio improved to 5.8% post-period, with office vacancies down to 8.4%, retail at 4.2%, and industrial at a near-full 0.5%. The residential segment, which includes Emira’s wholly owned subsidiary Transcend Residential, reported a vacancy rate of just 3.4%.
“We’ve retained quality in our local portfolio, despite the asset rotation,” noted Greg Booyens, CFO. “Our targeted investments in upgrades, energy efficiency, and tenant retention have paid off.” The group invested R177.2 million in capex projects including solar PV systems (1.5 MW total), groundwater harvesting, and biodiversity enhancements to improve operational resilience and sustainability performance.
U.S. retail and Polish logistics deliver
In the United States, Emira’s co-investment with The Rainier Companies in grocery-anchored, open-air retail centres continued to show strength. The portfolio, comprising 11 assets valued at R2.7 billion, generated R226 million in income—a 10.7% increase from the prior year.
Vacancies rose slightly to 4.6%, mostly due to two tenant failures, though most of that space has since been re-let.
In Poland, Emira recognised R48 million in income from its preferred return on the DL Invest stake, which includes 39 properties across logistics (79%), offices, and retail. The platform maintains 3.1% vacancy and a weighted average lease expiry (WALE) of 5.5 years, supporting the long-term stability of income.
“Our due diligence confirmed DL Invest’s robust fundamentals,” Booyens added. “There’s still upside, as we value our holding conservatively below underlying NAV.”
Capital management and outlook
Emira’s capital position improved materially, with its loan-to-value ratio dropping to 36.3%, the lowest since 2018, and interest cover rising to 2.5x. The REIT raised R2.4 billion in new debt and settled R1.2 billion, while maintaining R1 billion in undrawn facilities and R330 million in free cash.
The group has not issued formal guidance but has internally targeted 127.78 cents per share in distributable income for FY2026, continuing its trend of growth.
Leadership Transition
Emira also announced the appointment of James Day as incoming CEO, effective 1 July 2025. Day, a current non-executive board member, brings extensive local and international property experience, including a recent role as Financial Director at Castleview Property Fund.
“James’s strategic acumen and international exposure make him an ideal leader for Emira’s next chapter,” the board stated.