Investors in the JSA’s newest property role player, Redefine International, are on track to make money.
The company, a subsidiary of Redefine Properties, made a successful debut on the bourse on Tuesday and its first trading price of R5,80 per linked unit was higher than the issue price of R5,69.
Redefine International’s only asset is its shares in Redefine International plc, which is listed on the alternative investment market (AIM) of the London Stock Exchange. Redefine International plc invest in retail and office properties in the UK, Europe and Australia and also has a 19,9% stake in the Cromwell company in Australia as well as 21,73% in Wichford in the UK.
It offers SA investors the opportunity to invest their rands in an international property portfolio. Every linked unit in Redefine International represents one share in the plc company.
Distributions will be received in pounds and converted to rand at the reigning currency rate on the date that the distributions occur.
Gavin Tipper, chairman of Redefine International, says the company offers a golden opportunity to investors to get involved in a company that is well-placed in the British property market with a strong, experienced management team that has the backing of big investors.
Evan Jankelowitz, co-head of Stanlib’s property funds, says Stanlib likes what he sees in Redefine International and acquired a significant stake in it.
“We are satisfied with the portfolio and price although the debt-to-asset ratio is a tad high.”
Marc Wainer, CE of Redefine Properties, which holds 57,9% of Redefine International’s issued linked units, says the big challenge in future will be to develop the new baby to the rugby player Bakkies’ Botha’s size by making the right acquisitions. Wainer reckons the opportunities are there. – Elma Kloppers, Sake24
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