Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Equity Bottom-Up

<ul>
<li>Emira is a mid-sized South African listed diversified REIT. It has built a portfolio across retail, office, industrial, and residential assets. EMI is also invested in the USA and Poland.</li>
<li>The company is undervalued at present, trading at 33.85% below Golden Section Capital’s justified value of R16.01 (and 48.35% below the current pro forma NAV of R20.05).</li>
<li>Outlook is one of steady, incremental growth, supported by a de-risked and diversified asset base. Emira’s diversification into the USA and Poland provides growth, and a buffer against local volatility.</li>
</ul>


Emira is a mid-sized South African listed diversified REIT. It has built a portfolio across retail, office, industrial, and residential assets. EMI is also invested in the USA and Poland.
The company is undervalued at present, trading at 33.85% below Golden Section Capital’s justified value of R16.01 (and 48.35% below the current pro forma NAV of R20.05).
Outlook is one of steady, incremental growth, supported by a de-risked and diversified asset base. Emira’s diversification into the USA and Poland provides growth, and a buffer against local volatility.


Emira Property Fund - South Africa's Middleweight REIT Contender

Thematic (Sector/Industry)

<ul>
<li>March was an extremely busy month for the SA listed property sector with earnings, pre-close, and interim releases coming thick and fast.</li>
<li>The SA All Property Index was down -4.12% for the quarter, the FTSE EPRA Nareit Global Index in ZAR was down -1.21%, and in USD down by -1.67%.</li>
<li>The best positions remain in property companies as insulated from international macro issues as possible, those with steady cash flows, tenants providing necessary products and/or services, plus low debt levels.</li>
</ul>


March was an extremely busy month for the SA listed property sector with earnings, pre-close, and interim releases coming thick and fast.
The SA All Property Index was down -4.12% for the quarter, the FTSE EPRA Nareit Global Index in ZAR was down -1.21%, and in USD down by -1.67%.
The best positions remain in property companies as insulated from international macro issues as possible, those with steady cash flows, tenants providing necessary products and/or services, plus low debt levels.


South African Listed Property Review - March 2025

South Africa

Emira Property Fund is a property fund created under the Emira Property Scheme, a collective investment scheme in property created in terms of the Collective Investment Schemes Control Act to house the investment properties of Emira Property Fund.

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