Redefine International, the FTSE 250 income-focused, UK-based property group and Israeli pension group Menora Mivtachim have sold four German office assets to a US private equity group for €106m (R1.53bn). Redefine International CEO Mike Watters said his group was looking for value from other opportunities and that the lease on the German portfolio was nearing its end. The assets, held in a joint venture with Menora Mivtachim, were disposed of as a portfolio via a share sale. Redefine International owned 49% of the assets and the sale price was at an 8.6% premium to the book value. Redefine International’s net proceeds after debt were €24.9m, which included a performance fee of €2.4m. The proceeds would be reinvested into value-accretive opportunities and used to reduce debt. "In line with our strategy to continuously improve the quality of our portfolio, these four offices were identified for sale. We are very pleased with the transaction having achieved an impressive 27% internal ...
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