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Johannesburg - Emira Property [JSE:EMI] has concluded an agreement with Eris Property Group to acquire its proposed 14 000m² Corobay Corner office development in Menlyn, Pretoria.
Last month Emira said it had given the green light to its Podium at Menlyn development - a 16 000m² office project, which was to be developed in two phases.
CEO James Templeton said the property would enhance the company's profile in the Menlyn development node.
In addition, Emira had secured a 12-month rental guarantee from Eris for the remainder of the space from the date of completion.
The purchase of the property was expected to yield a return of 9% for Emira.
Because of its ready access to cost effective capital, Emira had struck an agreement with Eris to fund the development costs on the Corobay Corner project through the building phase rather than purchase the building outright on completion in July 2012.
In order to help fund the Podium and Corobay developments, Emira recently announced it would be seeking to dispose of 16 underperforming properties in its portfolio.
The properties targeted for disposal were expected to yield about R690m for Emira. Last year the fund raised about R80m by disposing of six other properties.
Last month Emira said it had given the green light to its Podium at Menlyn development - a 16 000m² office project, which was to be developed in two phases.
CEO James Templeton said the property would enhance the company's profile in the Menlyn development node.
In addition, Emira had secured a 12-month rental guarantee from Eris for the remainder of the space from the date of completion.
The purchase of the property was expected to yield a return of 9% for Emira.
Because of its ready access to cost effective capital, Emira had struck an agreement with Eris to fund the development costs on the Corobay Corner project through the building phase rather than purchase the building outright on completion in July 2012.
In order to help fund the Podium and Corobay developments, Emira recently announced it would be seeking to dispose of 16 underperforming properties in its portfolio.
The properties targeted for disposal were expected to yield about R690m for Emira. Last year the fund raised about R80m by disposing of six other properties.
