Finance

SA’s Redefine sold 111mln shares in British subsidiary DRI Reit

Wednesday, 01 July 2020 13:18
SA’s Redefine sold 111mln shares in British subsidiary DRI Reit

(Ecofin Agency) - 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.

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