Redefine Properties today announced that Mike Flax has tendered his resignation as Non-executive Director of Redefine. Flax plans to focus on his personal property interests.

Answering the call to upskill South Africa, Redefine Properties is introducing four Business Administration Learnerships in 2013 for young, promising South Africans with their sights set on a career in the country’s exciting and growing listed property sector.

Redefine offer for Fountainhead 6% higher than previous, and represents full price for the Fountainhead portfolio and contains a higher proportion of Hyprop units

Redefine Properties has been included on the JSE Socially Responsible Investment (SRI) Index for the first time. In doing so, Redefine has become one of only 76 South African companies on this index, which sets a benchmark for corporate sustainability management and disclosure.

South Africa’s listed property sector continued its recovery last week and was up 5.3% for the month by 26 November. The sector gained 1.3% last week, comprising a 0.6% increase in prices and a further 0.7% from income received by investors 

South Africa’s listed property sector rallied 1.4% last week, after declining significantly in the last two weeks of October 2012. Much of the selling pressure was attributed to a single large foreign investor and last week’s price action suggests this has come to an end. 

Redefine Properties has clamped down on non-paying government tenants in Pretoria by refusing entry to one of its buildings in Pretoria.

Redefine Properties today reported distribution growth of 7.2% on a like-for-like recurring income basis, meeting its forecast to investors for the year ended 31 August 2012. The total return to unitholders was 30% for the year.

The Mall @ Scottsville on Pietermaritzburg’s busy Durban Road revealed its new look to shoppers today with the 8,500m² first phase of its extensive revamp.

Redefine has confirmed that its indicative offer to acquire the property assets of Fountainhead Property Trust remains on the table, unchanged, notwithstanding yesterday's counter offer for this portfolio.