UK REIT Redefine International has completed the disposal of 10 regional office assets for a total amount of £35 mln (€42 mln), representing a 12.4% premium to book value.
UK REIT Redefine International has completed the disposal of 10 regional office assets for a total amount of £35 mln (€42 mln), representing a 12.4% premium to book value.
The UK assets formed part of the company’s non-core portfolio which has now been reduced to £30 mln or 3% of the group’s direct property portfolio.
The proceeds of the disposal will be used to repay debt associated with the Delta facility which was restructured in October 2012.
Mike Watters, chief executive of Redefine International, said investor appetite for regional offices is growing. 'We are therefore confident of our plans for completing the remaining disposals of our non-core assets and we will provide a further update in due course.'
