Redefine International: UK shopping mall acquisition sealed

Redefine International had completed the acquisition of the Weston Favell shopping centre in Northampton in the UK for £84 million (R1.4 billion), the company reported yesterday. The enclosed shopping centre has about 307 763m2 of retail accommodation over two floors with 1 150 free parking spaces and is anchored by one of the largest Tesco Extra supermarkets in the UK. The centre has 56 retail units and seven kiosks let to national and local retailers producing rental income of £6.4m a year. Chief executive Mike Watters said the centre was delivering a net initial yield after acquisition costs of 7.2 percent. Redefine International has a primary listing on the London Stock Exchange and in October completed its inward listing on the JSE, where its stock fell 1 percent to R8.35 yesterday. – Business Report