BRIEF-Emira Property Fund To Dispose 25 Office Assets & Associated Letting Enterprises

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BRIEF-Emira Property Fund To Dispose 25 Office Assets & Associated Letting Enterprises
Credit: © Reuters.

Oct 9 (Reuters) - Emira Property Fund EMIJ.J :

* TERMS ANNOUNCEMENT IN RESPECT OF THE DISPOSAL OF CERTAIN OF EMIRA'S OFFICE ASSETS AND ASSOCIATED LETTING ENTERPRISES

* AGREED TERMS OF A TRANSACTION FOR DISPOSAL OF 25 OFFICE ASSETS AND ASSOCIATED LETTING ENTERPRISES

* INTENDS TO RE-INVEST MAJORITY OF DISPOSAL PROCEEDS INTO PROPERTIES LOCATED OFFSHORE

* TOTAL SALE CONSIDERATION OF R1.8 BILLION

* SHANKLY SHALL BE 51% OWNED BY ZUNGU INVESTMENT COMPANY PROPRIETARY LIMITED AND 29% BY BOYNO TRADE & INVEST PROPRIETARY LIMITED

* REMAINING 20% IN SHANKLY WILL BE OWNED BY EMIRA

* R1.4 BILLION OF CASH CONSIDERATION IS BEING PROVIDED BY THIRD-PARTY FINANCIER ON SENIOR SECURED BASIS

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