UK‚ Europe economic outlook still weak: Redefine

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Redefine Property International (RIN) said on Tuesday despite the persistent weak economic outlook in the UK and Europe‚ investment market activity was stronger in the last quarter of 2012 with better quality assets receiving strong interest from the investment market.

Releasing its interim management statement from September 1 2012 to January 14 2013‚ the company said the UK regional office market remained challenging as occupiers continue to vacate surplus space to reduce their property overhead costs.

Redefine said‚ however‚ that co-location would continue to provide opportunities across the portfolio as the process of rationalising the regional office portfolio will see a focus on core public sector assets.

Occupancy rate in the UK retail in the period on review increased to 95.9% (31 August 2012: 95.2%)‚ reflecting a number of successful lettings and tenant retentions.

Occupancy rate in Europe remained unchanged at 99.3%.

Underlying occupancy rates in hotel since August 31 2012 has remained robust at 86.1% across the portfolio with revenue per available room marginally lower than the same period last year.

Greg Clarke‚ chairman of Redefine International‚ said: “The period under review has been transformative for the company. The successful capital raising in October has enabled the company to address many of our legacy debt issues and simultaneously move the company into a more proactive acquisition phase which will lay the foundations for the future delivery of shareholder value.” - I-Net Bridge

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