Emira increases DL Invest stake to 45%

Emira Property Fund (JSE:EMI) has received shareholder approval to proceed with the Tranche 2 subscription, increasing its stake in DL Invest to 45%. The resolution was passed at a general meeting held on March 17, 2025. Under the terms of the subscription agreement, Emira will subscribe for 113 Tranche 2 Shares and 113 Linked Loan Notes for total proceeds of €44,488,189, comprising €8,897,637.80 for the B Share subscription and €35,590,551.20 for the Linked Loan Notes. The Tranche 2 Effective Date is March 20, 2025. Emira will grant DL Invest Group a Tranche 2 Call Option to purchase the Tranche 2 Subscription Shares and Loan Notes after the first anniversary of the Tranche 2 Effective Date, at a price of €72,886,673.42, escalated by the Adjusted HICP. Additionally, Emira granted DL Invest Group the Tranche 1 Call Option, and can exercise the Tranche 1 Call Option at EUR101,563,090.44, escalated by the HICP after the first anniversary of the Tranche 2 Effective Date, if DL Invest exercises the Tranche 2 Call Option. Approximately 82% of shares in issue were voted.