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Redefine Properties has bought nine warehouses in Poland in eastern Europe for about R3bn, marking its entry into that country’s logistics market. The fourth-largest JSE-listed real estate investment trust wants to earn more of its annual income from rent to maintain distribution growth, which is competitive against other listed property funds. Redefine, which first invested in eastern Europe’s largest and most developed economy in 2016, will acquire a 95% share in a portfolio of nine operating logistics properties located throughout the country for €185.8m. These assets will be bought at an initial income yield of 7.1%. Redefine said interest rate and currency volatility was mitigated through full hedging. The properties were bought from a fund managed by a large US-based asset manager. The properties have a gross leasable area of 313,507m², are 98% occupied and have a weighted average lease expiry of 3.5 years. Griffin Real Estate, which found the transaction for Redefine Properti...

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