Emira Property Fund has secured another prime property asset in Pretoria’s Menlyn node with a R403m investment and 50% share in five buildings in Summit Place
The new P-grade office development includes other mixed uses. Summit Place is optimally located on the intersection of Garsfontein and the N1. Garsfontein also has several Gautrain bus stops.
Designed to be one of Emira’s flagship office properties, Summit Place offers convenient access to the new Protea Hotel Fire & Ice and Menlyn Park Shopping Centre. The development, comprised of 10 premium-grade commercial buildings, sees Emira and Neotrend taking ownership of five. Current tenants include Grant Thornton, BDO, Summit Sky Grill & Bar, Land Rover, Assupol, and Sizwe Ntsaluba Gobodo.
Says Emira CEO Geoff Jennett: “We believe this investment will be enhancing to both our portfolio and the value we give our shareholders.
Emira is a diversified JSE-listed REIT invested in a portfolio of office, retail and industrial properties. The company concluded the acquisition deal in 2015 at an average yield of 8.14%.
The first two completed buildings transferred to Emira in December 2015. They offer state-of-the-art security, ample parking, and upmarket finishes for an appealing business environment. The remaining three buildings, which include office and retail space, will be developed for completion in January 2017. “In addition to the excellent visibility and access to Summit Place, the quality tenants on long-term leases are extremely appealing to an income fund such as Emira, providing us with a solid income stream for years to come,” says Jennett.