Redefine unit falters
Real estate group is concerned by underperforming offshore arm, says CEO
Diversified real estate investment trust (Reit) Redefine Properties says its investment in Redefine International is underperforming. Redefine International focuses on the UK and Germany. Redefine Properties CEO Andrew Konig told investors on Tuesday that the company, which was launched as an offshore arm of Redefine, had battled recently. "We are concerned," he said. Redefine International said earlier it would pay a lower proportion of its income as dividends to serve the demands of its UK shareholders, who are seeking capital growth. This means Redefine Properties will receive lower investment income from it. Redefine’s holding in Redefine International is worth about R3.19bn. It also owns significant stakes in Australia’s Cromwell and Poland’s Echo Polska Properties. Its market capitalisation is worth about R62.9bn and its direct local property portfolio is worth more than R53bn. Redefine International has a market capitalisation of about R10.6bn. Redefine owns about 30.1% of th...
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