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
-
Côte d'Ivoire signs $888 million deals, pitches investment plan at IMF-World Bank meetings
07:28
-
Guinea Plans Five-Year Strategy to Cut Poultry Imports
05:46
-
Mali Launches Digital Mining Cadaster as Exploration Investment Falls for Third Year
05:31
-
Lobito Corridor, Project Vault: How the U.S. Is Moving to Compete with China in Africa’s Critical Minerals
18:50
-
Togo tops 100 bln CFA francs in 2026 borrowing on regional market
19:13
-
Lome Container Terminal revamps customer service with one-stop model
20:41
-
Industrial Gas Demand in Douala Collapses as Prices and Supply Strain Clients
20:20
-
Douala Port Turns to PPP to Rebuild Its Regional Trade Hub at Boscam
20:07
-
Cameroon Looks to Formalize Cross-Border Trade With Digital Freight Platform
19:54
-
Cameroon Overhauls Procurement Strategy to Unlock Weigh Station Upgrades
19:49
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...
Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...
Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...
AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...
Guinea drafts 2026-2030 poultry strategy with seven reform pillars Aims to cut imports, boost egg self-sufficiency amid rising demand Imports surge...
Mali launches digitized mining cadaster replacing outdated system 631 mining titles registered; transparency and procedures improved Exploration...
In the race to secure control over critical minerals, the United States lags behind China, which dominates the market and is positioned across the entire...
Libya, UNDP sign deal to develop blue economy strategy Cooperation spans aquaculture, research, marine protection, capacity building Sector seen...
Lomé is hosting the 9th edition of the International Film Festival of Togo (FIFTO) featuring 33 films. The event promotes African storytelling in...
Fally Ipupa plans a two-part album project combining urban sounds and traditional rumba. The first album “XX” releases on April 17, while “XX Delirium”...