Redefine International completes part disposal of Delta Portfolio (UK)

Redefine International, the income focused UK Real Estate Investment Trust (“UK-REIT”), is pleased to announce that it has completed the disposal of 10 regional office assets for an aggregate consideration of £35.06 million (€44 million) representing a 12.4% premium to book value.
The assets formed part of the Company’s non-core portfolio which, following the Disposal, has been reduced to approximately £30 million (€38 million) or 3.0% of the Group’s direct property portfolio. The proceeds of the Disposal will be used to repay debt associated with the Delta facility which was successfully restructured in October 2012. The Company continues to benefit from a 65% share of net income from the remaining Delta portfolio. The Delta facility remains non-recourse to the Group and the Disposal has no impact on the Company’s adjusted net asset value.
Mike Watters, Chief Executive of Redefine International, said: “We are pleased with the successful outcome of this disposal. Investor appetite for regional offices is growing and we are therefore confident of our plans for completing the remaining disposals of our non-core assets and we will provide a further update in due course."
Source: FTI Consulting