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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.

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