2014 is set to be the best year for commercial property in first world economies, since the onset of the global financial crisis in 2008, according to Redefine International CEO Mike Watters.

Capital & Counties Properties may well have appeared fully priced after the stock had more than doubled in the previous two years, but it continues to defy gravity.

Redefine International today announced it has agreed to sell the St Anne's House office building in Croydon, England for £8.4 million, £3.4 million above the property's 31 August 2013 book value.

Redefine International says its portfolio occupancy level rises to 97.6% in the three months ended December 2013, from 97.3% in the three months to end-August 2013.

Redefine International P.L.C was the top performing share on the JSE in December 2013, delivering 22% growth in share price during the month, according to Bloomberg.

Redefine International completes the acquisition of the Weston Favell Shopping Centre for GBP84m.

CEO David Fischel said yesterday the outstanding approvals in respect of the listing status in SA of both Capital Shopping Centres and Capital & Counties had been received and were satisfactory.

Severe market conditions particularly in the UK, saw CIREF - Corovest International’s property fund listed on the London Stock Exchange AIM Market - reporting a net loss of R406,6 million (£25,9 million) for the year to September 2008

Nigerian industrial conglomerate Dangote Cement has acquired a 45% stake in Sephaku Cement, which is building a R3bn plant in North West

More South African listed property companies and funds are expected to branch out overseas in the future, following similar moves in that direction by a number of local property companies, say property market analysts.