CAPE TOWN – Redefine Properties would focus on offshore expansion into logistics assets as well as the restoration of under-performing assets in its new financial year, chief executive Andrew Konig said yesterday.
The listed real estate investment trust lifted its full year distributable income by 4 percent to 101 cents per share for the year to August 31, with group assets exceeding R100 billion for the first time. It was also the first time that full-year distribution per share breached R1. The share price increased by as much as 5.68 percent to close at R8 on the JSE yesterday.
Redefine benefits from a diversified portfolio and expansive geographic footprint, with the contribution from international property investments rising to 26.8 percent this financial year from 24 percent of distributable income last year.
Property assets under management expanded to R95.4bn from R91.3bn, while international real estate investments now make up 23.7 percent of the portfolio, from 20.7 percent before.
“Interesting and volatile times are here to stay, and we need to make the most of the resultant opportunities. We are living in a world of costly capital and Redefine is focusing on reducing balance sheet risk while still delivering sustainable quality earnings,” said Konig.