Redefine International moves towards quality
Redefine International has sold four German office properties as it eyes value-accretive assets
Redefine International, the European arm of blue-chip property company Redefine Properties, is trying to cement its presence in Western Europe by focusing on investing in premium rather than fringe assets. Redefine International CEO Mike Watters says the company believes its expertise is strongest when it comes to the UK and Germany. The company sold its stake in four German office assets last week. It had co-owned them with Menora Mivtachim, one of the largest pension funds based in Israel. The buildings were sold as a portfolio to a US private equity group for €106m (R1.53bn). Redefine International owned 49% of the properties and the sale price was at an 8.6% premium to the book value. The company’s net proceeds after debt were €24.9m, which included a performance fee of about €2.4m. The proceeds will be reinvested into value-accretive opportunities and used to reduce debt. “In line with our strategy to improve the quality of our portfolio continuously, these four offices were id...
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