Redefine Properties’ debt burden will increase if it has to buy mall
Mall of the South is at the heart of a convoluted financing structure with RMB and Zenprop
Reeling from the Covid-19 economic shock, which has left it scrambling to pay down debt, Redefine could be forced into the unwanted acquisition of a shopping centre worth as much as R2bn.
It is part of a previously undisclosed convoluted financing structure dating back to 2013 that has come back to haunt one of SA’s biggest real estate funds. ..