REAL ESTATE INVESTMENT TRUST
Redefine frugal after buying portfolio
Redefine International, the Western-European focused real-estate investment trust, says it is holding on to its cash and bedding down its German shopping acquisition before plunging back into a competitive retail market. The group also adjusted its dividend policy in the six months to February, cutting its payout in favour of keeping cash for acquisitions. Redefine International declared a dividend of 1.3p a share for the reporting period after declaring a dividend of 1.625p for the six months to February 2016. It achieved earnings of £23.8m for the six months to February compared with £23.1m for the matching period in 2016. The company said earlier in 2017 it would pay out a lower proportion of its income as dividends to comply with UK shareholders’ demands. The dual-listed company has to juggle demands of its South African and international investors, with JSE investors seeking income growth and investors on the London Stock Exchange preferring net-asset value appreciation. It bel...
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