Three years ago Redefine Properties was still trading at a sizeable discount to other sector heavyweights such as Growthpoint Properties, Hyprop Investments and Resilient Reit. Redefine was lagging behind, both in terms of earnings and share-price growth. And the general perception was that many of the company’s properties were of inferior quality. Redefine-owned shopping centres such as Golden Walk in Germiston and Sammy Marks Square in the Pretoria CBD couldn’t quite compete in the prestige stakes with Brooklyn Mall in Pretoria or the V&A Waterfront in Cape Town (Growthpoint owned). The number of government-tenanted office blocks in the Johannesburg and Pretoria CBDs that Redefine inherited from its merger with ApexHi in 2009 also raised lingering concerns about the quality of its income stream. But the restructuring exercise Redefine embarked on about two years ago has not gone unnoticed. It has been one of the sector’s best performers in the year to date in terms of share price ...
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