Emira Property Fund has moved to secure a material stake in Octodec Investments Limited through a structured two-step transaction, anchored by a completed off-market acquisition and a voluntary offer that remains open.
The group has already acquired 53.7m Octodec shares, equivalent to 20.17% of the company, in off market deals worth about R891.8m. The shares were bought from a range of institutional investors, including Sanlam Investment Management and Old Mutual Investments.
It has also launched a voluntary offer for up to a further 39.2-million shares at R16.75 each. If fully subscribed, the additional purchase would lift Emira’s holding to 34.9% of Octodec’s issued shares. That would keep the transaction within a level that does not trigger additional regulatory requirements.
Octodec’s last reported net asset value stands at R24.55 per share, compared with the transaction price of R16.75.
The group owns a portfolio of 219 properties across Tshwane and Johannesburg, spanning residential, retail, office and industrial assets, with a total value of about R11.2bn and a lettable area of 1.47-million square metres.
Emira Property Fund CEO James Day said the deal reflects disciplined capital allocation and a long-term focus on value creation, adding that the group will engage with Octodec on efforts to unlock value in the portfolio as a significant minority shareholder.
At the beginning of this year, the Wonderpark Shopping Centre owner held an 8.7% stake in SA Corporate before selling a portion of its holding, raising gross proceeds of R188.8m.
Correction: April 15 2026
The story has been corrected to reflect that Emira sold a portion of its holding in SA Corporate.
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