Redefine International: UK Travelodge hotel bought for £10m

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Redefine International, which has a primary listing on the London Stock Exchange and an inward secondary listing on the JSE’s main board, reported yesterday that it had purchased a purpose-built Travelodge hotel at Lumina Park in Enfield in north London for £10 million (R180m). The Enfield Travelodge was built in 2012 and is let on a 33-year lease. It has 132 bedrooms across four floors plus a ground floor reception area, cafeteria and bar. The building also includes a separate retail unit at ground floor level, which is vacant. Mike Watters, the chief executive, said the acquisition provided a good opportunity to acquire long-dated, uncapped retail price index income from a good quality covenant in a sector the company liked and knew extremely well. “We are now beginning talks with a number of convenience supermarket operators to let the vacant retail unit, which will further improve the asset’s yield profile,” he said. Redefine International has a £1 billion portfolio in the retail, office, industrial and hotel sectors across the UK, Europe and Australia. The linked units were flat at R9.58 on the JSE yesterday. – Roy Cokayne

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