2017 Interim Results Highlights
· Operating margin improved to 82.6%
· Property assets expanded by R11.4 billion
· Broadened funding sources and LTV maintained at 39.8%
· Transformation being accelerated
· Brand valued at R6.3 billion
Redefine is a leading South African-based Real Estate Investment Trust (REIT) with a diverse, internally managed R84.1 billion property asset platform of office, retail and industrial investments anchored domestically, and complemented by substantial real estate investments in the United Kingdom, Poland and Australia.
Redefine’s primary mission is to achieve growing cash flows which will deliver quality earnings, sustained growth in distributions, and long-term growth in total returns for shareholders.
Redefine is listed on the Johannesburg Stock Exchange (JSE) with a market capitalisation of R60.5 billion and is included in the JSE Top 40 index. Redefine’s shares, by volume, are among the most actively traded on the JSE, making it a highly liquid single entry point for investors to gain exposure to domestic and multiple international real estate markets.
At 28 February 2017, Redefine’s diversified local property portfolio was valued at R67.7 billion. The Group’s international real estate investments, valued at R16.4 billion represented 19.5% of total property assets, providing geographic diversification into the UK, Polish and Australian markets.
Redefine has a 29.8% equity interest, valued at R4.3 billion, in Redefine International PLC (RI PLC) which is listed on both the London Stock Exchange (LSE) and the JSE. Redefine also has a R6.0 billion presence in the Australian property market through a direct 50.0% interest in North Sydney’s landmark tower, Northpoint, as well as a holding of 25.4% in Cromwell Property Group (Cromwell), one of the leading property groups listed on the Australian Stock Exchange (ASX). Redefine has a 39.5% share in Echo Polska Properties N.V. (EPP), valued at R3.6 billion. EPP is dual listed on the Luxembourg Stock Exchange (LuxSE) and the JSE and owns a portfolio of prime retail and office real estate assets throughout Poland.
Redefine acquired an 11.8% share in Mara Delta Property Holdings Limited (Mara Delta) which is dual listed on the JSE and Mauritian Stock Exchange, as well as a 37.1% interest in Nigerian-based Oando Wings Development Limited (Oando) through the acquisition of the Pivotal Fund Limited (Pivotal).