Redefine International buys three German properties

Redefine International PLC (RIN) said on Wednesday that it has acquired three prime retail properties in Germany.

The retail properties in this most recent acquisition include the prime 19‚000sqm Schloss Shopping Centre in Berlin‚ the 15‚000sqm Bahnhof Altona Shopping Centre in Hamburg and the 10‚000sqm City Arkaden Shopping Mall in Ingolstadt.

Completion of the transaction is subject to certain conditions‚ which the company expects to be fulfilled by August 30 2013.

The acquisition is valued at EUR189m and offers a blended initial net yield of 5.5%.

The acquisition represents the first of two significant transactions for Redefine International‚ indicated in its recently released interim management statement.

With its roots in SA‚ Redefine International is a £1bn‚ diversified and income-focused property company listed on main market of the London Stock Exchange.

In July‚ the South African Reserve Bank approved an inward listing for Redefine International on the JSE‚ effectively allowing South African buyers to invest directly in Redefine International - rather than indirectly through Redefine Properties International (RIN)‚ as has been the case up until now.

The inward listing is scheduled to take place in the fourth quarter of 2013.

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