Redefine to sell 90% interest in Australian student digs portfolio
The group will use the part of the proceeds to settle debt
Diversified landlord Redefine Properties said on Friday that it has agree to sell its 90% interests in two Australian student accommodation businesses.
Subsidiaries of German insurance giant Allianz will be purchasing the properties for an aggregate price of A$459m (R5.4bn), with Redefine intending to use the proceeds to help settle debt.
The group, which has a market capitalisation of R18.7bn, is currently pursuing the sale of R8bn in non-core assets across its portfolio.
In morning trade on Friday, Redefine’s share price was up 8.39% to R3.23, putting it on track for its best one-day performance in more than two weeks.