Emira launches voluntary offer for Octodec shares

Emira Property Fund (JSE: EMI) today opened a voluntary offer to shareholders of fellow listed REIT Octodec Investments Limited with the aim of increasing its shareholding in Octodec to 34.9%. This follows Emira’s successful acquisition of 20.17% of Octodec’s ordinary shares through a series of off-market transactions.

Emira has acquired 53,698,356 Octodec shares from several large asset managers at a price of R16.75 per share. Together, these transactions total an investment by Emira of R891.8 million.

Emira also announced a voluntary public offer to any other Octodec shareholders who want to sell their shares. Emira’s offer is for a maximum of 39,204,583 Octodec shares at the same price as its off-market acquisitions of R16.75 per share in cash.

Emira’s investment in Octodec aligns with its strategy of deploying capital into meaningful, value-accretive opportunities. This includes acquiring strategic, cornerstone stakes in listed and unlisted property companies at discounts to the reported value of their underlying property portfolios.

James Day, CEO of Emira, notes the investment reflects disciplined capital management and a long-term focus on value creation. “This investment supports Emira’s broader strategy of directing capital into assets we believe are undervalued. As a significant minority shareholder, Emira will seek to engage with Octodec on initiatives to create value within the portfolio.”

Octodec is listed on the JSE and A2X and has a diversified portfolio of 219 residential, retail, office and industrial properties located in the major metropolitan areas of Tshwane and Johannesburg. Its reported portfolio value is R11.2 billion.

In line with Emira’s offer, Octodec shareholders have until 12-midday on 8 May 2026 to tender their shares. If more shares than the maximum offer number are tendered, Emira will select which shares to accept. Payment for accepted tenders will be made on 12 May 2026.

Emira’s financial year ended on 31 March 2026. Its investment in Octodec is a post-year-end event and has no impact on the results for its 2026 financial year. Emira expects to release its full-year results on Wednesday, 27 May 2026.

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ABOUT EMIRA PROPERTY FUND:

Emira is a South African Real Estate Investment Trust (REIT) with a diversified portfolio across sectors and geographies. In South Africa, it holds direct commercial – retail, industrial, office – and residential property portfolios, as well as a stake in listed REIT SA Corporate Real Estate. Internationally, Emira invests indirectly through equity interests alongside specialist co-investors. In the US, it holds influential stakes, ranging between 45% and 49%, in six dominant, grocery-anchored centres with US-based partner The Rainier Group. In Poland, Emira has a 45% equity stake in DL Invest, a Luxembourg-headquartered developer and long-term investor in industrial and logistics centres, mixed-use offices, and retail parks located across Poland.