Bolton’s owner, Emira, is looking for takeovers, most likely abroad

Emira Property Fund chief executive Geoff Jennett says the group is considering acquisitions, possibly overseas. (Emir real estate fund/delivered)

Emira Property Fund says it is likely to have up to R1.8 billion in dry powder acquisitions, with the diversified listed property group likely to pursue opportunities abroad.

With Emira already having debt financing facilities worth R1 billion at its disposal, the group also expects significant proceeds from the sale of assets worth around R2 billion, which will give it serious clout.

Chief executive Geoff Jennett said on Thursday that after the proceeds from the sale, which will be used to reduce debt, he estimated the group should probably have between R1.6 billion and R1.8 billion available for new assets.