27 Feb 2015 07:00
REDEFINE INTERNATIONAL P.L.C.
("Redefine International" or the "Company")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
PRIMARK SIGNS NEW LEASE FOR CITY ARCADEN SHOPPING CENTRE IN INGOLSTADT, GERMANY
Redefine International, the FTSE 250 income focused UK-REIT, is pleased to announce that it has signed a conditional lease agreement with Primark, the international fashion retailer, for a new 5,200 sqm (56,000 sqft) store in the City Arcaden Shopping Centre in Ingolstadt, Germany.
City Arcaden was acquired by the Company in August 2013 as part of the €189 million German shopping centre portfolio acquisition with the intention of redeveloping the outdated scheme to meet the requirements of a modern retailer, with improvements such as larger floor plates. The Primark lease will support a complete redevelopment of the centre to accommodate the store. Once completed, the scheme is expected to provide approximately 7,700 sqm of net retail space which includes an existing H&M outlet. A further 1,100 sqm of office space on the same site is also planned for redevelopment, in addition to 15 residential units totalling approximately 1,300 sqm.
The shopping centre enjoys a prominent location on Ludwigstrasse, one of the prime retail streets in Ingolstadt, in the State of Bavaria. The introduction of Primark is expected to significantly strengthen the retail offering within the town and the surrounding areas, encouraging additional footfall.
Mike Watters, CEO of Redefine International, commented:
"We are very pleased to have agreed this landmark transaction with Primark. The arrival of Europe's most sought after discount fashion brand in Ingolstadt is exceptionally good news for the City, and marks Redefine International's second Primark store in Germany, following its highly successful outlet in our Berlin shopping centre, the Schloss-Strassen Centre."
For further information:
Redefine International P.L.C. | |
Michael Watters, Stephen Oakenfull | Tel: +44 (0) 20 7811 0100 |
FTI Consulting UK Public Relations Adviser | |
Dido Laurimore, Claire Turvey, Ellie Sweeney
FTI Consulting SA Public Relations Adviser Max Gebhardt | Tel: +44 (0) 20 3727 1000
Tel: + 27 (0) 11 214 2402 |
JSE Sponsor Java Capital | Tel: + 27 (0) 11 283 0042 |
Notes to editors:
Redefine International (RDI) is a FTSE 250 income focused UK-REIT with a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.
The Group invests in large, well developed economies with established and transparent real estate markets. Within these markets, Redefine International's £1 billion investment portfolio provides diversified exposure to the commercial, industrial, retail and hotel sectors.
Redefine International is focused on delivering sustainable and growing income to shareholders through investment in income yielding assets let to high quality occupiers on long leases. Capital values are enhanced and protected by asset management and other low capex development activities.
As a UK-REIT, the Group aims to distribute the majority of its earnings available for distribution on a semi-annual basis, providing investors with attractive income returns as well as exposure to capital growth opportunities.
www.redefineinternational.com