Redefine targets UK and Germany

REDEFINE International raised about R1.27bn on Friday by placing 131-million shares at R9.70 each. The group announced a share placement as it looked to fund more investments in the UK and Germany.

CEO Mike Watters said the Europe-focused property group intended deploying the proceeds, through targeted investment opportunities in the UK and Germany and disciplined asset management initiatives.

Redefine’s investment portfolio sits mainly in Europe and is valued at more than £1bn.

The group also gave a trading update on Friday.

Underlying earnings before interest, taxation, depreciation and amortisation expenses increased 10.2% for the first quarter of the financial year.

This boost excluded the recently acquired Double Tree by Hilton in Edinburgh.

RedefineBDL said this hotel was trading positively and in line with expectations.

Terms had also been agreed with Travelodge to lease an additional 21 rooms at the Enfield hotel which would be developed from the existing vacant space on the ground floor there

Mr Watters said Redefine International was well- positioned overall to provide investors with strong returns for the rest of this year.

“Against the backdrop of low interest rates and competitive debt markets, the potential returns available from the UK and German property markets remain attractive,” he said.

andersona@bdfm.co.za

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