Redefine forced to sell R8bn in noncore assets to lower debt
Second-largest listed property group will let go of its stake in student accommodation provider Respublica
Redefine Properties, the second-largest local listed real estate group, has been forced to sell a chunk of assets to decrease its debt, which has created opportunities for smaller funds.
The company, which has a portfolio of investments worth more than R95bn, has put R8bn worth of properties, or 8.4% of its asset base, up for sale. It wants to bring its loan-to-value (LTV) from 43.9% to below 40% and to raise more cash so it can manoeuvre through a weak economy.