Leasing

Redefine employs a proactive leasing and tenant retention strategy and aims to secure long leases with stable tenants.

Rental growth
In the year to end August 2009, rentals on renewal grew by 7.35%. Rentals on new leases were achieved at an average of R65,18/m2, compared to the portfolio average rental of R55,29/m2.

Average rental escalations at 31 August 2009

Office   8.5%
Retail   7.9%
Industrial   8.8%

Lease expiry profile by let area

  GLA
  Office Retail Industrial Total
Year to 31 August m2 % m2 % m2 % m2 %
2010 488 262 40 271 758 25 208 984 21 969 004 29
2011 231 924 19 206 536 19 159 226 16 597 687 18
2012 158 685 13 228 277 21 189 081 19 576 043 17
2013 109 859 9 119 574 11 288 598 29 518 030 16
Beyond 231 924 19 260 888 24 149 275 15 642 087 19
  1 220 655 100 1 087 032 100 995 164 100 3 302 851 100

  Office Retail Industrial Total
Year to 31 August R/m2 R/m2 R/m2 R/m2
2010 57,28 59,80 26,47 52,21
2011 79,78 69,62 30,48 64,40
2012 84,04 86,85 27,82 68,85
2013 89,83 100,26 30,00 62,57
Beyond 105,10 106,49 41,05 92,65

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LATEST HEADLINES

  • REDEFINE INTERNATIONAL RAISES £84-MILLION IN PRIVATE PLACEMENTTuesday, August 31st, 2010

    Redefine International has successfully placed 168,1-million linked units (private placement units), amounting to £84-million, under the private placement. A maximum of 180-million private placement units at a price of 50-pence per unit were available under the private placement. The company received applications for 153% of the minimum subscription amount of £55-million . The private placement precedes the listing of Redefine International in the “Real Estate – Real Estate Holdings and Development” sector of the Main Board of the JSE on 7 September 2010.

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  • REDEFINE MANDATORY OFFER TO HYPROP UNITHOLDERS CLOSEDMonday, August 30th, 2010

    Redefine Properties’ mandatory offer to Hyprop unitholders has closed and an additional 926 593 linked units (0.56%) were acquired by Redefine at the offer price of R50 per linked unit. The low acceptance was expected as the offer price was below the trading price of Hyprop’s units.

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