Nabarro acts for Redefine International P.L.C. on proposed fundraising to finance AUK Portfolio acquisition

This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

Nabarro has advised FTSE 250 income-focused UK-REIT, Redefine International P.L.C. on a proposed placing of a minimum of £100 million (and up to £150 million) to raise capital to finance Tranche 2 of the transformational AEGON UK Portfolio acquisition. Tranche 2 of the acquisition comprises nine properties at a purchase price of £201 million.

Redefine International has today announced that it will post a prospectus in connection with the proposed placing.

Redefine International owns a geographically diverse portfolio of real estate assets within the retail, commercial and hotel sectors valued well in excess of £1 billion. It is listed on the London Stock Exchange with a secondary listing on the Johannesburg Stock Exchange.

Leading the Nabarro Manchester team was Corporate partner Howard Gill assisted by Corporate senior associate Jack Shepherd and associates Sarah Etherington and Nick Wardle.

Commenting on the transaction, Corporate partner at Nabarro, Howard Gill said:
"Having supported the Redefine team in their £490 million acquisition of the Aegon UK Property Fund Portfolio last year, which includes the iconic 201 Deansgate building, we are delighted to help the company in its proposed secondary fundraising to finance Tranche 2 of the portfolio and take the next step forward in its evolution."

Mike Watters, Chief Executive, Redefine International said:
“The completion of the acquisition of the AUK Portfolio will represent another key milestone for Redefine International. Over the last five years we have seen the successful transformation of the company’s corporate structure and asset base.

“We firmly believe that performance in the next phase of the property cycle will be primarily weighted towards income returns and rental growth making our core strategy of recycling capital into assets which display strong fundamentals and benefit from occupier demand, like those included in the AUK portfolio, even more relevant. Tranche 1 of the portfolio has already exceeded expectations in terms of asset management opportunities and we are confident that the acquisition of the remaining assets will provide us with the solid foundations to grow the capital value and income of our entire portfolio over the long term.

“Howard and the Nabarro team have once again delivered a great job for us on our proposed fundraising".