Castleview Property Fund has acquired more shares in JSE-listed diversified real estate investment trust (Reit), Emira Property Fund, such that it now owns 55.38% of the group.
Castleview is a listed property group with an impressive market capitalisation of R6.7bn, considering it has only been around for a few years. It was founded by CEO, James Templeton and focusses on owning investments in other companies and groups. Templeton was formerly Emira’s CEO. The current Emira CEO is Geoff Jennett, who has been in his role since September 1 2015. Emira’s market capitalisation is R5.4bn.
Emira owns R12.1bn worth of assets directly in SA, including mostly offices and retail centres, and also has a stake in US group, Rainier. Emira owns Knightsbridge office park, Boskruin Village Shopping Centre and Ermelo Mall. As much as 18% of Emira’s asset base is made up of equity investments in 12 grocery-anchored open-air convenience shopping centres in the US which are owned by Rainier.
Templeton said last year that Castleview’s strategy was not to take over other funds necessarily but rather to hold strategic stakes in them and other investments.