Ger­man of­fice as­sets sold for €106m

The Star Early Edition - - COMPANIES -

REDEFINE In­ter­na­tional has com­pleted the sale of four Ger­man of­fice as­sets for €106 mil­lion (R1.5 bil­lion). The prop­er­ties pro­vide a to­tal of 45 145m² and are let to a Ger­man gov­ern­ment-backed so­cial in­sur­ance body VBG on a com­bined weighted av­er­age un­ex­pired lease term of about seven years. The as­sets, which were dis­posed of via a share sale, were held in a joint ven­ture with the Menora Miv­tachim Group, one of Is­rael’s largest in­sur­ance and pen­sion funds. The net pro­ceeds to Redefine In­ter­na­tional from the dis­posal amounted to €24.9m, which in­cluded a per­for­mance fee of €2.4m. Mike Wat­ters, Redefine’s chief ex­ec­u­tive, said th­ese four as­sets were iden­ti­fied for sale in line with the com­pany’s strategy to im­prove the qual­ity of its port­fo­lio. “We are very pleased with the trans­ac­tion hav­ing achieved an im­pres­sive 27 per­cent in­ter­nal rate of re­turn over the in­vest­ment pe­riod.” Shares fell 1.05 per­cent yesterday to R6.58. – Roy Cokayne

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