Redefine International to list on JSE main board
LSE-listed property company Redefine International will list on the main board of the JSE on October 28.
As part of Redefine International’s inward listing on the JSE, its South African holding company Redefine Properties International (RIN) will be unbundled.
“We are pleased to be able to make it easier for South African investors to share in the benefits of a direct investment in Redefine International. This is exciting progress for the company and results in several cost-saving benefits,” Redefine International CEO Michael Watters said in a statement on Friday.
The property company noted that its listing on the local bourse would represent a rand hedge in a stable, sustainable income fund, with exposure to real estate in first world markets, for South African investors.
Redefine International’s investment portfolio is valued at 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.
“The inward listing improves the liquidity and tradability of Redefine International. It also cuts fee costs by eliminating duplication and is expected to significantly enhance the group’s ability to raise capital cost effectively. This all serves to strengthen our prospects,” said Watters.
RIN unitholders will be able to trade in Redefine International shares from October 28, and will officially receive their Redefine International shareholding when RIN delists on November 4.
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