Redefine buys English retail centre

Redefine International plc‚ which is listed on the London Stock Exchange and plans an inward listing on the JSE later in October‚ has secured a transaction with Aviva Commercial Finance.

Redefine International on Thursday announced it had agreed to revised arrangements with Aviva with respect to the company’s UK shopping centre portfolio.

The transaction would substantially reduce Redefine International’s see through loan-to-value ratio‚ from about 64% to about 57%‚ and see it acquire the two-storey Weston Favell Shopping Centre in Northampton‚ the UK.

Redefine International Group CEO Michael Watters said: “This transaction not only produces a significant reduction in Redefine International’s leverage ratio‚ but is expected to be earnings accretive from day one. The shopping centre is dominant in its local area and will benefit from our long-term focus on delivering income through focused asset-management activity.”

The transaction is subject to certain conditions‚ including JSE listing requirements. Once complete‚ it will result in a restructuring of the Aviva debt secured against Grand Arcade Shopping Centre in Wigan and West Orchards Shopping Centre in Coventry.

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