Redefine International, the FTSE 250 Real Estate Investment Trust (REIT), has agreed to acquire control of the German Leopard retail property joint venture for €49m. Redefine International, which already holds a 50% stake in company, is trying to cement its presence in Western Europe by investing in premium rather than fringe assets. The group’s CEO, Mike Watters, said the company had done well in the UK and Germany and would continue to focus on those areas. "In line with our strategy, this transaction represents a good opportunity to recycle capital into assets which generate a strong income yield, having sold the VBG portfolio of German offices at an 8.6% premium to book value. Furthermore, our controlling interest in the portfolio will provide more flexibility over future asset management initiatives and reinvestment decisions," said Watters. Redefine International would now hold an effective 94% controlling interest in the portfolio, while providing 100% of its nonbank financin...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.