Redefine business to be rationalised

Posted On Wednesday, 19 May 2010 02:00 Published by eProp Commercial Property News
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Redefine Properties Limited is undergoing a corporate restructuring and rationalisation process in which all assets from its subsidiary companies are being transferred to the listed entity, Redefine Properties Limited

Redefine PropertyThe restructuring is aimed at creating efficiencies by streamlining the business from an administration and accounting perspective.  Redefine will no longer have to reflect “group” and “company” financials which will be a substantial time and cost saving exercise. It is also anticipated that the rationalisation process will have a positive impact on the day to day running of the business 

According to Redefine’s Group Legal Advisor, Tracey Wolf, the current structure of the company was inherited from the hybrid nature of Redefine at listing and has evolved further since the merger. “Although the properties are neatly compartmentalised in portfolios, the property portfolio is now too big for this structure to be efficient,” she says. She points out that the rationalisation process will also strengthen and unite the Redefine staff under one brand, as many personnel have joined Redefine through the various mergers and acquisitions of subsidiary companies.

The process to transfer assets from Outward Investments, Spearhead, ApexHi and Ambit began late in 2009 and the company is working towards ensuring that all assets, including 400 properties, will be transferred to Redefine Properties Limited by the end of July 2010.

“We believe the benefits of the transfer process outweigh the associated costs, which have been kept as low as possible to ensure that the benefits to the company are maximised. Redefine has not only negotiated highly competitive fees with transferring attorneys, but has also ensured that most of the leg work is being done in-house by Redefine’s legal team.

“We are confident that all unitholders and employees will benefit from the streamlined and more efficient business structure post rationalisation,” says Wolf.

Last modified on Monday, 21 April 2014 12:43

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