Redefine International completes acquisition of German retail properties

Redefine International (RPL) said on Thursday it had completed the acquisition of German retail properties in a joint venture with its largest shareholder‚ Redefine Properties (RDF).

The EUR156m portfolio of 56 properties consists of a mix of stand-alone supermarkets‚ food-store-anchored retail parks and cash and carry stores.

The transaction is Redefine Properties’ first direct investment in Europe and allows it to benefit from Redefine International’s experienced European asset management team.

Meanwhile‚ Redefine International said its overall core portfolio occupancy rose to 97.6% as at January 27 from August 31 last year.

“It has been an active period since the August 2014 financial year-end and good progress is being made on letting and asset management opportunities within the portfolio‚” Redefine International chairman Greg Clarke said.

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