6 May 2015 07:01
REDEFINE INTERNATIONAL P.L.C.
("Redefine International" or the "Company")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
REFINANCING OF GERMAN RETAIL PORTFOLIO AND DISPOSAL TO JOINT VENTURE
Further to the announcement of 29 January 2015, Redefine International confirms that it has completed the first part of the refinancing related to the €156.8m German retail property portfolio acquired in a 50/50 joint venture with Redefine Properties (the "Joint Venture").
As previously indicated, it was the intention of the Joint Venture to refinance the existing €100.0m debt facilities acquired on acquisition with a new single facility at current market rates. The Joint Venture has secured a €83.15m facility from Berlin Hyp AG (the "Facility") and has initially drawn down €64.93m. Total loan break costs of €10.5m were settled by the Joint Venture as part of the initial drawdown. The Facility has a margin of 1.20% and an all-in interest rate of 1.58%, assuming the current five year Euro swap rate. The Facility has no amortisation and matures in May 2020.
Simultaneous to the refinancing, agreement has been reached with Redefine Properties to dispose of 12 German retail properties currently owned by Redefine International (the "Properties") to the Joint Venture. The Properties, which have a total value of €16.89m, fit well with the profile of the existing portfolio as they also comprise discount retail and mixed use centres, let to well-known German retailers.
Redefine Properties is a related party of the Company under the Listing Rules by virtue of its 30.03% shareholding in the Company and therefore the further investment into the Joint Venture as a result of the above transactions fall within Listing Rule 11.1.10 R. Redefine International will be funding its 50% equity contribution required to complete this refinancing through the disposal of the Properties and by injecting €9.15m of cash.
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) 11 722 3050 |
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 of 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