7 April 2017
Reporter: Theo Andrew

Redefine International pounces on German Leopard portfolio

Redefine International has invested €49 million to take full control of its German Leopard Portfolio joint venture, valued at £175.5 million.

The company’s stake in the 66-strong retail portfolio will rise from 50 percent to 94 percent, leaving its partner Redefine Global with the remaining 6 percent.

Redefine International will be take on the portfolio’s existing debt of €86.1 million, which was reflected in the deal price.

Producing an initial yield of 7.4 percent, the properties generate a gross rental income of €13.9 million, representing a €5.4 million rise in gross rental income for Redefine International.

The acquisition will be funded with cash following the recent sale of Redefine International’s VBG German offices portfolio, from which it received net proceeds of €24.9 million.

Located throughout Germany, the portfolio spans over 138,000 square metres and comprises supermarkets, retail parks and cash and carry stores.

Mike Watters, CEO of Redefine International, said: “In line with our strategy, this transaction represents a good opportunity to recycle capital into assets which generate a strong income yield, having sold the VBG portfolio of German offices at an 8.6 percent premium to book value.”

He added: “Furthermore, our controlling interest in the portfolio will provide more flexibility over future asset management initiatives and reinvestment decisions.”

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