Redefine International: Lease adds to German portfolio

Published Mar 2, 2015

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REDEFINE International reported on Friday that it had signed a conditional lease agreement with Primark, the international fashion retailer, for a new 5 200 square metre store in the City Arcaden Shopping Centre in Ingolstadt, Germany. Mike Watters, the chief executive of Redefine International, which has a primary listing on the London Stock Exchange and an inward listing on the JSE, said the Primark lease would support a complete redevelopment of the centre to accommodate the store. Once completed, the scheme was expected to provide about 7 700m2 of net retail space, including an existing H&M outlet. A further 1 100m2 of office space on the same site was also planned for redevelopment plus 15 residential units totalling about 1 300m2. City Arcaden was acquired by Redefine International in August 2013 as part of the e189 million (R2.5 billion) German shopping centre portfolio acquisition. – Roy Cokayne

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