skip to content

Market News

Redefine Int'l completes German office portfolio disposal

18 January 2017 07:37

Redefine International has completed the sale of four German office assets for a gross consideration of €106m.

The assets, which were disposed of via a share sale, were held in a joint venture with the Menora Mivtachim Group.

The Company's 49% proportionate share reflects an 8.6% premium to the book value. It was intended that Redefine International's net proceeds of €24.9m, which includes a performance fee of €2.4m, would be reinvested into value accretive opportunities and used to reduce debt.

The properties, situated in Berlin, Dresden, Cologne and Stuttgart, total 45,145 sqm (485,937 sqft), and are let to a German government-backed social insurance body, VBG, on a combined WAULT of just under seven years.

The portfolio generated a total annual gross rental income of €8.1m of which €4.0m was attributable to Redefine International.

Story provided by StockMarketWire.com

Related Company: RDI

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

-

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.