In a year that saw Redefine increase the value of its portfolio by 50% to £1.5 billion, following the transformational acquisition of the AUK portfolio, and complete a successful equity placement in February, raising gross proceeds of £115m above the target minimum amount of £100m, the Company delivered a 17.6% increase in its earnings available for distribution to £52.2 million (2015: £44.4 million)

Distributable earnings per share in line with the prior year at 3.2 pence per share, reflecting the increased number of shares in issue following the capital raise in February 2016 to part fund the AUK acquisition.

Redefine reported an EPRA NAV per share of 40.0 pence (2015: 41.0 pence), a decrease of 2.4 per cent which reflects the one-off impact of the AUK portfolio acquisition costs and the Government’s  one per cent increase in UK Stamp Duty Land Tax

Mike Watters, Chief Executive, commented: “We have once again delivered a pleasing set of results against a challenging economic and political backdrop. Our performance was partly underpinned by the successful off-market acquisition of the AUK portfolio in the first half, which positioned us well for the future by significantly improving the quality of our portfolio and income streams. Our strengthened capital structure, lean cost base and a far-reaching asset management programme, puts us in a good position to grow through the next chapter in the property cycle.

“While some uncertainty and volatility remains following the EU referendum decision, we are not yet seeing any notable change in the occupier market. Our track record and proven strategy of delivering income-focused total returns offers an increasingly attractive opportunity in this historic low interest rate environment. We are committed to driving Redefine forward to become the UK’s leading income-focused diversified REIT.”