Redefine joins ranks of UK REITS

South African-backed investor Redefine International has become the UK's latest real estate investment trust (REIT).

Redefine International said it expected market capitalisation of £580 mln (€698 mln) will make it the UK’s 13th largest REIT by size.

This is based on the company’s closing share price on 3 December 2013 and includes 98 million new shares to be issued on Friday 6 December 2013. Redefine International had total assets, diversified both geographically and by sector, of just over £1 bn at end-August 2013.

Redefine said that due to its dual listing on the Johannesburg Stock Exchange it will provide South African investors with access to the 'solid and economically secure first world property markets of the UK, Northern and Western Europe, including Germany and Switzerland, as well as Australia'.