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Redefine International lets remaining space at City Point, Leeds

05 Jan 2017

Redefine International (“Redefine International” or the “Company”), the opportunistic income focused FTSE 250 UK-REIT, has let 1,022 sqm (11,000 sq ft) at City Point, Leeds to Blacks Solicitors LLP, bringing the office asset, which was acquired as part of the AUK portfolio in March 2016, to full occupancy.

Blacks is taking the entire second floor on a 10 year lease, which was secured at ERV, and will join existing tenants Ashcourt Rowan plc,  GVA, Savills, JLL, Starbucks and HSBC. Located on the corner of King Street and Park Place in Leeds city centre, City Point is one of Leeds’ most prominent buildings, comprising a total of 61,500 sq ft of Grade A office accommodation over seven floors.

Adrian Horsburgh, Property Director at Redefine International commented:

“City Point is a high quality, modern building in a prime location that has consistently attracted some of the most dynamic businesses in the Leeds marketplace.  The 10 year lease was completed within nine months of acquisition, which is testament to the strength of the property offer as well as the skills of our asset management team.  The addition of Blacks augments the existing high quality tenant line up and reflects our ongoing efforts to reduce the vacancy in the assets we acquired as part of the AUK portfolio earlier this year, and ultimately to maximise the income potential.”

Sanderson Weatherall and JLL acted for Redefine International on the transaction while Blacks was represented by WSB.

 

For further information:

 

 

FTI Consulting - UK Public Relations Adviser

Dido Laurimore, Claire Turvey, Ellie Sweeney

Tel: +44 (0) 20 3727 1000

 

 

Instinctif Partners – SA Public Relations Adviser

Frederic Cornet, Lizelle du Toit

Tel: +27 (0) 11 447 3030

Note to editors:

About Redefine International

Redefine International is an income focused FTSE 250 UK Real Estate Investment Trust (UK-REIT) committed to delivering superior distributions to its shareholders throughout the property cycle.

The Company’s income driven total returns are underpinned by a diversified portfolio, together with an efficient capital structure. The continued transformation of both the corporate structure and asset base offer a solid foundation to drive further value. The diversified portfolio, independently valued at £1.53 billion, is focused in Europe's two strongest economies, being the United Kingdom and Germany. The portfolio is weighted towards well located properties across a range of sectors, including retail, offices, distribution and hotels, which benefit from strong demand and from which they can capture income and value growth by attracting high calibre occupiers on long leases. The Company’s investment philosophy is to effectively allocate recycled capital from mature assets into sectors and locations with strong occupier fundamentals and individual assets with realisable upside.

Currently the secure income stream is supported by a diversified portfolio and tenant base, with a WAULT of 7.8 years complemented by an average debt maturity of 6.9 years of which over 95% of interest costs are either fixed or capped. The Company is focused on all aspects impacting shareholder distributions and boasts one of the lowest cost ratio’s in the industry whilst continuously driving lower cost of debt.

Redefine International holds a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange and is included within the FTSE 250, EPRA and GPR indices. 

The Company will be hosting a Capital Markets Day on Monday 6th February 2017. The presentation and a live webcast will be available on the Company's website at 10:30am (UK time), 12:30am (SA time) on Monday 6th February 2017: www.redefineinternational.com.

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