SA’s Redefine sold 111mln shares in British subsidiary DRI Reit
Wednesday, 01 July 2020 13:18
South African real estate investment trust, Redefine Properties, announced on June 29 it has reached an agreement with US investment firm Starwood Capital Group to sell 111.9 million shares in its British arm RDI Reit at 95 pence per share. Redefine will cash a total of 106.3 million pound sterling ($130.3 million) from this transaction.
The sale’s proceeds will help the South African company to strengthen its balance sheet and have enough resources to deal with the post-covid phase.
According to Andrew Konig (pictured), Redefine CEO, the market conditions and the current health crisis could put huge pressure on the local real estate sector during this and the coming years. To curb this situation, the company is considering divesting its assets deemed unprofitable.
Before this new operation, Redefine Properties sold two assets in Australia for 459 million Australian dollars to settle part of its debt.
Chamberline Moko
Live News
-
Togo aquaponics startup turns to soilless farming to face climate risks
14:02
-
Inclusive employment in Africa improves but remains marginal
13:51
-
Senegal updates media watchdog to include digital platforms
13:34
-
Weekly Health Update| Rising diabetes rates raise health risks in Morocco and the MENA region
13:19
-
Cameroon ties passports, vehicle titles to tax compliance in 2026 budget
10:57
-
Cameroon cuts forestry taxes to promote sustainable logging
10:49
-
Togo Opens Professional Master’s Programs at Atakpamé Teacher Training College
05:15
-
Morocco Uses Satellite and RFID to Monitor Fishing Vessels
05:11
-
Senegal to Replace CNRA With New Digital-Age Media Regulator
05:00
-
Togo Ranks as West Africa’s Top Business Climate Performer in B-Ready 2025
04:54
The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...
Ethiopia agreed in principle with investors holding over 45% of its $1 billion eurobond due 2...
Creditinfo licensed to operate credit bureau across six CEMAC countries Bureau to collect b...
Flutterwave acquired Nigerian open banking startup Mono in an all-share deal valued between $...
Togo passes new law tightening anti-money laundering and terrorism financing rules Legislat...
Collaborative programs are emerging across Africa to promote inclusive employment Public, private, and international actors are increasingly...
Cabinet approves bill creating the National Media Regulation Council New body replaces the audiovisual regulator set up in 2006 Reform expands...
This week in Africa, Africa CDC continues its clinical trial on mpox, while a new study highlights limits in malaria control efforts. Surveillance against...
2026 budget introduces a 25%–35% cut in the annual forestry fee Incentive targets certified operators to curb illegal logging Past underreporting cost...
The Sundance Institute selected three African films from more than 16,000 submissions across 164 countries. The 2026 festival will run from January 22...
Organizers opened submissions for the sixth Annaba Mediterranean Film Festival from Jan. 8 to Feb. 28, 2026. The festival accepts feature films, short...