Redefine International achieves strong demand for share placement

Posted On Thursday, 20 February 2014 17:55 Published by
Rate this item
(0 votes)

Redefine International successfully completed its accelerated bookbuild capital raise earlier today. The placement was substantially oversubscribed with strong demand from both the UK and South African investors resulting in the total share placement being increased to 9.9% of the current issued ordinary share capital prior to the Placing.

Mike Watters

The bookbuild raised approximately £54.7million (ZAR1billion) in aggregate, with UK Placing Shares issued at 47.50 pence per Placing Share and South African Placing Shares at R8.75 per Placing Share.

The issue price of the Placing Shares represents a discount of circa 6% to the closing share prices on 19 February 2014.

Mike Watters, CEO of Redefine International, says: "We are delighted with the response to the capital raise. Investors in both the UK and SA share registers showed their continued confidence in the direction of the Group and we are now well placed to continue to deliver on our strategy of sustainable earnings growth."

The proceeds will be used to, inter alia, acquire further minority interests in the existing portfolio, undertake significant asset management initiatives in assets in the company's German retail property portfolio, manage the debt expiry profile and fund potential acquisition opportunities.

Watters adds: "Against a backdrop of improving markets and a benign interest rate environment, we see a growing number of opportunities for us to create and enhance sustainable value through selective acquisitions, accretive asset management opportunities and the early refinancing of our facilities.

The proceeds from the placement will provide a strong platform to allow us to continue to deliver our sustainable income growth strategy, while pursuing our drive to achieve FTSE 250 index inclusion."

Redefine International is a UK-REIT with a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.

Redefine International's geographically diverse investment portfolio is independently valued over £1 billion and comprises real estate assets in the retail, office, industrial and hotel sectors across the UK, Europe – specifically Switzerland, Germany, the Netherlands and the Channel Islands - and Australia.

For South African investors it represents a Rand hedge in a stable, sustainable income fund with exposure to real estate in first world markets.

Most Popular

Redefine making headway following its announcement to acquire balance of EPP shares

Nov 29, 2021
Andrew Konig (1)
Redefine Properties today announced that it proposes to make a share-for-share offer to…

New president elected by Consulting Engineers South Africa (CESA)

Nov 29, 2021
Consulting Engineers South Africa’s (CESA) 68th Annual General Meeting held on Wednesday,…

Silver lining from unrest and Covid-19 for businesses that can reimagine sustainable future growth

Dec 01, 2021
The unrest and looting that took place in many parts of KwaZulu-Natal and Gauteng in July…

Please publish modules in offcanvas position.