Redefine Properties’ quick action has put it in a good position
Good deal-making abroad means Redefine can now focus on SA and high-growth economy Poland
SA’s second-largest real-estate company, Redefine Properties, which owns more than R80bn in assets, has impressed with how quickly it has been able to offload more than R8bn worth of secondary assets so that it could raise a war chest of cash to help it through the pandemic. It has also decreased its debt levels markedly.
Redefine and other landlords have been operating in the most challenging economic conditions in decades. That helped prompt the company to announce in November 2019 that it needed to offload assets and quickly. Originally the fund wanted to sell about R4bn in local assets and R4bn in offshore assets. It was looking likely to only be able to sell parts of its UK and Australian properties...