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Redefine International confirms sale of €205m German retail portfolio

Mike Watters, CEO of Redefine International.
Mike Watters, CEO of RDI REIT.

Following the announcement of the exchange of contracts with PATRIZIA Immobilien AG, UK-REIT, RDI has announced the successful sale of the Leopard Portfolio, comprising of 66 German retail properties.

With a purchase price of €205.0 million and a 10.8% premium to book value, the company continued to benefit from the income generated by the portfolio until completion on the 29th of December 2017. With the intention to reinvest the disposal proceeds into new investments at lower leverage, this sits in line with RDI’s stated strategy of enhancing the quality of the portfolio and its growth prospects. In due course, further announcements will be made.

We remain firm in our commitment to ensuring that the RDI portfolio is in the very best shape to deliver reliable and superior income returns, underpinned by a strong balance sheet and capital structure. While Germany remains a strategically important market for us, this opportunistic disposal not only allows us to benefit from a highly attractive premium, but also to further reduce leverage and recycle proceeds into identified income enhancing investment opportunities” says Mike Watters, CEO of RDI.