Redefine International announced it has received approval from the South African Reserve Bank (SARB) to inward list on the Johannesburg Stock Exchange, subject to certain conditions. It announced this in its Interim Management Statement for 1 March to 18 July 2013 released today.
The approval is a significant step forward in allowing the Redefine International group to restructure.
The restructure will also involve the internalisation of the management function and the conversion of the company to a UK REIT.
Redefine International also confirmed that its distribution for the year ending 31 August 2013 would be within the range of 3.07 to 3.29 pence per linked unit.
Currently South African investors can only access the benefits of an investment in Redefine International without moving money offshore by investing in JSE-listed Redefine Properties International Limited (RIN) which has a 65.81% stake in Redefine International. South African listed property giant Redefine Properties is RIN’s largest shareholder at 49%.
Michael Watters, CEO of Redefine International Group says: “The inward listing will create a simplified, best-of-breed corporate structure with the benefit of cost savings by eliminating RIN. It removes all impediments to South African direct investment in Redefine International. It’s a significant stride forward.”
The inward list is targeted for the final quarter of 2013.
Redefine International is a diversified income-focused property company listed on the Main Market on the London Stock Exchange. It’s geographically diverse investment portfolio is independently valued over £1 billion and comprises real estate assets in the retail, office, industrial and hotel sectors across the UK, Europe – specifically Switzerland, Germany, the Netherlands and the Channel Islands – and Australia.
For South African investors it represents a Rand hedge in a stable, sustainable income fund with exposure to real estate in first world markets. Redefine International remains focused on markets in which it has established expertise and resources. Its existing markets are chiefly in the UK and northern European economies which are showing signs of stabilising after the extended economic downturn.
“Redefine International is increasingly well positioned to take advantage of the improving economies in our major investment locations to create strong income returns for investors,” says Watters.
For more information please see the attached Redefine International PLC Interim Management Statement relating to the period from 1 March 2013 to 18 July 2013, or visit www.redefineinternational.com.