“Freestone and Spearhead were disposed of as these holdings were not significant in Redefine’s portfolio.  The disposal of the Resilient units was part of Redefine’s exit strategy from Capital Property Fund.  The proceeds will be used to take advantage of opportunities in the direct property arena,” said Redefine CEO Brian Azizollahoff.

As a hybrid fund, with investment in both listed property securities and direct property, Redefine has successfully refocused its holdings in favour of higher-yielding directly-owned property over the past 18-months.  Redefine is currently weighted 57%:43% in favour of direct property ownership.

Despite the disposals, the value of Redefine’s overall listed property portfolio has increased due to the general rerating of the sector.

“In the current market, Redefine will continue to adjust the weighting of its investments in favour of physical property to ensure  that unitholders receive the benefit of the relative value offered by direct property,” said Azizollahoff.