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James Templeton, chief executive of Emira

Emira settles and re-issues ZAR400m of short-term debt

Emira Property Fund has settled and immediately re-issued ZAR400m of three-month unsecured commercial paper (CP), for the second time.

The paper rolled for a further three months and now needs to be settled in May 2013.

The oversubscribed issue last week received bids from six potential investors totalling a ZAR650m for the ZAR400mn on offer. The paper was placed with four investors. Rand Merchant Bank arranged the roll over.

The appetite for Emira CP saw the interest margin remain stable at 21 basis points above the three-month Jibar rate, which represents a decrease from the first issue level of 25bps achieved in August 2012.

James Templeton (pictured), chief executive of Emira, says the fund's continued sourcing of a portion of its funding via the money markets and debt capital markets has several benefits, including lowering the average cost of borrowings and diversifying the source of its borrowings.

"It is Emira's policy to diversify its sources of funding between commercial banks, the debt capital markets and money markets. This minimises interest costs and reduces the risk to investors," says Templeton.

JSE-listed Emira Property Fund is a real estate investment trust with a diversified portfolio of office, retail and industrial properties.

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