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.”

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
London pension fund strengthens board
17 August 2017 | London | Reporter: Theo Andrew
The London Pension Fund Authority (LPFA) has appointed Nigel Topping and Barbara Weber to its trustee board, effective immediately
Greystar appoints Jeff Manno to lead Growth Fund
17 August 2017 | Charleston | Reporter: Theo Andrew
Reporting to Chris MacNaughton, Greystar’s head of portfolio management platform, Manno will relocate from London to Charleston, South Carolina
LaSalle shoots for $1 billion Asian real estate fund
17 August 2017 | Chicago | Reporter: Theo Andrew
In its fifth and latest close, LAO V secured $335 million of commitments, meaning the fund is well in line to exceed its initial target of $750 million
Schroders secures self-storage portfolio for £44 million
16 August 2017 | London | Reporter: Theo Andrew
It is the institutional investor’s first foray into self-storage sector, which it sees as a major growth opportunity within the alternatives sector down to changing demographic trends
BlackRock enters Australian renewable energy sector
16 August 2017 | Queensland | Reporter: Theo Andrew
The global investment manager secured the long-term syndicated debt facility through the Clean Energy Finance Corporation, the Commonwealth Bank of Australia and Natixis
Foundation appoints new global head of transactions
15 August 2017 | Zurich | Reporter: Jenna Lomax
Feix will be based in Zurich and replaces Ulrich Kaluscha, who held the post on an interim basis
Five Point buys OC office campus for $443 million
15 August 2017 | California | Reporter: Theo Andrew
Five Point Holdings has acquired a 73-acre corporate campus in Irvine, California, on behalf of its new venture, Five Point Office Venture Holdings I, for $443 million