Redefine has thus eliminated its total exposure to both funds, with income from these disposals totalling R227,35 million and representing a 10.4% yield.

These disposals, made during the first quarter of Redefine’s financial year ended 30 November 2004, are in line with the property loan stock’s strategy of weighting the portfolio in favour of physical properties, which offer better value in both yield and growth.

The proceeds will be used to fund recent purchases of direct properties with initial yields in aggregate exceeding 10.4% and with average escalations of 10%.  Ends