Redefine International in deal to sell German retail portfolio
Redefine International, an FTSE 250 income-focused UK real estate investment trust, continues to recycle capital, announcing the sale of its Leopard supermarket portfolio in Germany. The group has announced the successful exchange of contracts with Patrizia Immobilien for the sale of the Leopard portfolio for a purchase price of €205m, reflecting a 10.8%, or €20m, premium to the portfolio’s August 31 book value. Redefine International CEO Mike Watters said the "opportunistic disposal capitalises on an exceptionally strong investment market and an approximate 11% increase in the value of the euro relative to sterling over the investment period". The company invests in the UK and Germany and could recycle the capital into the UK. It was "consistently looking to realise value by recycling capital at attractive prices" and was pleased to announce the disposal, which "capitalises on an exceptionally strong German investment market", he said. "Following the deal, our overall exposure to G...
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