JSE-listed real estate investment trust (Reit) Emira Property Fund has made a voluntary offer to shareholders of fellow listed Reit Octodec Investments to increase its shareholding in Octodec to 34.9%.

The company has successfully acquired 20.17% of Octodec’s ordinary shares through a series of off-market transactions.

Emira also announced a voluntary public offer to any other Octodec shareholders who want to sell their shares. Its offer is for a maximum of 39.2-million Octodec shares at the same price as its off-market acquisitions of R16.75 a share in cash.

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.

Emira has acquired 53.69-million Octodec shares from several large asset managers at a price of R16.75 a share. Together, these transactions total an investment by Emira of R891.8-million.

The company'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.

The investment reflects disciplined capital management and a long-term focus on value creation, says Emira CEO James Day.

“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,” he says.

Octodec shareholders have until May 8 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 May 12.

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