Redefine: UK acquisition successfully completed

Johannesburg – Listed Redefine International said yesterday that it had successfully completed the acquisition of the second tranche of the Aegon UK Property Fund portfolio for £204.7 million (R4.5 billion).

The property company last year completed the first tranche of the transaction. It said the total purchase price of the acquisition of the combined Aegon UK portfolio, including Banbury Cross Retail Park and after adjusting for the disposal of 16 Grosvenor Street in London, was £460.7m.

Read: Redefine in R108m deal

To support the funding of the transaction, Redefine International used £252m of bank debt, with the balance funded from existing cash resources and the proceeds from the £115m equity placement successfully concluded last week.

Redefine International said the Aegon portfolio had significantly increased its existing portfolio by adding largely institutional quality properties. Chief executive Mike Watters said the conclusion of the acquisition was a considerable achievement in a highly competitive market.

The shares gained 4.73 percent to close at R9.75 on the JSE.