Redefine International, an FTSE 250, income-focused UK real estate investment trust (Reit), has completed the sale of its Sytner BMW showroom in High Wycombe to a UK pension fund for £26.1m. The disposal provided an opportunity to recycle capital out of an asset with limited near-term rental growth prospects at a low initial yield, said Redefine International CEO Mike Watters. The sale price reflects a net initial yield of 5.0% and a premium of 5.8% to the February 28 book value. In the first half of the financial year, the company disposed of £95m in assets at an average premium of 12.4% to the August 31 2016 book value, said Watters. It has since then exchanged or completed the disposal of £46.6m more in assets including the sale of High Wycombe, at a 5.8% average net initial yield and a 10.7% premium to the February 28 book value. Redefine International’s share price has lost nearly 30% over the past three years. But Ahmed Motara, portfolio manager and property analyst at Stanlib...
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