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
-
Egypt Raises Clean Energy Target With Major Wind Power Plan
10:28
-
As Oil Pressure Builds, West African Governments Diverge on Fuel Prices
10:27
-
Afriland First Bank retains 2025 banking leadership title at Finance Week
10:13
-
Cameroon pushes private capital as driver of CEMAC growth at Finance Week
09:49
-
BEAC governor rules out CFA devaluation, flags reforms amid mixed CEMAC outlook
09:47
-
Ivory Coast Opens Teacher Training Intake for 3,225 Candidates in 2026
09:46
-
Ivory Coast Expands Banking Framework to Include Fintech and Islamic Finance
09:44
-
Zambian Startup ZeroAI Expands STEM Education in Low-Resource Schools
09:06
-
Tivvio Bets on Community-Driven Ticketing Market in South Africa
09:03
-
Moroccan Entrepreneur Brahim Ennabihi Expands Access to Expert Services With Khabiry
09:01
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...
Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...
Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...
From WHO-led efforts to strengthen pandemic preparedness to measles vaccination drives in Uganda, al...
Jetour to produce T1, T2 SUVs in South Africa from 2027 Chery to acquire Rosslyn plant, cre...
Egypt signs deal for 4,750 MW of wind power and 4,000 MWh of battery storage Projects planned in the Gulf of Suez, Zafarana, and other key...
Côte d’Ivoire and Benin join other WAEMU states in raising fuel prices after global oil surge Brent crude has climbed about 60% since the Iran conflict...
Ivory Coast received 24,185 applications for 3,225 available teacher training and civil service positions in 2026. Candidates face intense competition,...
The Democratic Republic of Congo introduced new regulations reserving small trade and standard retail activities for Congolese operators. The...
UK museum to return 45 Botswana artifacts after 150 years Items collected in 1890s; restitution follows Botswana request Return tied to...
The history of Kerma stretches back several millennia. Located in what is now northern Sudan, the site was inhabited as early as prehistoric times....