Redefine sells Delta stake to women’s empowerment consortium
Diversified real estate investment trust Redefine Properties has sold its 22.8% stake in Delta Properties to a women-led empowerment consortium in a R1.45bn vendor-funded transaction. Redefine sold its entire holding in Delta, consisting of 162-million shares at R9 per share. Delta had previously acquired 15 government-tenanted offices from Redefine in 2015 through the issue of shares to Redefine. Redefine CEO Andrew Konig said the transaction was a "win-win for both companies and drives an urgent need to strengthen women and broad-based ownership in the property sector". "We have managed to facilitate the sale of an illiquid counter in a single transaction, locking in capital value and preserving income flow. "Strategically, this transaction achieves far more, as it ties in with our own transformation initiatives to support the development of female leaders in the property sector, while also boosting broader empowerment," he said. The consortium’s Nooraya Khan said the transaction ...
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