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.

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