2016 Annual Results Highlights
- Operating Margin maintained at 80%
- Property assets expanded by R8,9 billion
- LTV maintained below 40%
- Top Employer 2017
- Most Empowered REIT in the 2016 Empowerdex Survey
Redefine is an internally managed Real Estate Investment Trust (REIT) with a primary goal of growing and improving cash flow to deliver quality earnings, which will underpin sustained growth in distributions, and support growth in total return per share. Redefine is listed on the Johannesburg Stock Exchange (JSE) with a market capitalisation of R58,1 billion and is included in the JSE Top 40 index.
Redefine manages a diversified property asset platform with a value of R72,7 billion (2015: R63,8 billion), comprising local and international property investments. Redefine’s shares are among the most actively traded on the JSE, making it a highly liquid single entry point for gaining exposure to quality domestic properties and a spread of multiple international commercial real estate markets.
At 31 August 2016, Redefine’s diversified, local property portfolio was valued at R54,7 billion (2015: R52,8 billion). The group’s international real estate investments, valued at R18,0 billion (2015: R11,0 billion) represent 24.8% (2015: 17.2%) of total property assets and provide geographic diversification into the UK, German, Polish and Australian property markets.
Redefine has a 30.1% (2015: 30.1%) equity interest, with a value of R5,0 billion (2015: R4,8 billion), in Redefine International PLC (RI PLC) which is listed on both the London Stock Exchange (LSE) and the JSE. Redefine and RI PLC co-own a German retail portfolio valued at R799 million (2015: R653 million). In addition, Redefine has a R6,3 billion (2015: R5,0 billion) presence in the Australian property market through a direct 50% (2015: 50%) interest in North Sydney’s landmark tower, Northpoint, as well as a holding of 25.5% (2015: 25.6%) in Cromwell Property Group (Cromwell), one of the leading property groups listed on the Australian Stock Exchange (ASX). On 1 June 2016, Redefine acquired a 44.9% share in Echo Polska Properties (EPP) valued at R3,9 billion. EPP owns a portfolio of prime retail and office real estate assets throughout Poland. EPP listed on both the Luxembourg Stock Exchange (LuxSE) and the JSE during September 2016.