7 April 2017
Berlin
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.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Barings Real Estate appoints Marco Court in Italy expansion
28 April 2017 | Milan | Reporter: Theo Andrew
In his new role, Corti will be responsible for increasing investment and asset management in the country
COIMA board appoints independent directors
28 April 2017 | Milan | Reporter: Theo Andrew
The appointments mean seven out of nine board members are now independent
Heimstaden expands Copenhagen portfolio for €118 million
27 April 2017 | Copenhagen | Reporter: Theo Andrew
Haimstaden currently has a number of projects underway in Copenhagen, including the Bjerglandsbyen development
New director of self-storage at W.P. Carey
27 April 2017 | New York | Reporter: Theo Andrew
Boulter joins from Wasatch Storage Partners, where he was vice president of business development
PGIM debt fund raises over £1 billion
27 April 2017 | London | Reporter: Theo Andrew
The fund raised more than 80 percent of the capital in the nine months following the UK’s vote to leave the EU in June
WELPUT fund sell £135 million London office
26 April 2017 | London | Reporter: Theo Andrew
The deal, made on behalf of Schroder’s West End of London Property Unit Trust (WELPUT) fund, reflects a net initial yield of 3.96 percent
Clifford Chance promotes Matt Taylor to real estate partner
26 April 2017 | London | Reporter: Theo Andrew
Taylor has been in the real estate arm of Clifford Chance for the past 10 years, joining the law firm in 2005 as a trainee solicitor