Redefine sets itself up for a rebound in 2021
SA’s second-largest property group will sell its student properties Down Under and offload shares in Cromwell
SA’s second-largest listed real estate company by assets, Redefine Properties, is making steady progress in disposing of R8bn worth of noncore assets, which is setting it up to rebound in 2021.
It announced on Friday that it will sell its 90% interests in two Australian student accommodation businesses. Subsidiaries of German insurance group Allianz will purchase the student properties for an aggregate price of A$459m (R5.4bn).