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Press archive

Redefine’s Southcoast mall voted the best
22 November 2018

22 November 2018: JSE-listed diversified real estate investment trust Redefine Properties’ Southcoast Mall has been voted as the “Best Of South Coast”  in the shopping centre category at the South Coast Herald Readers’ Choice Awards. This is the first time the mall has won the accolade. Situated on KwaZulu-Natal’s picturesque South Coast and perfectly positioned at the Shelly Beach and Izotsha Rd off ramp from the N2 highway, Southcoast Mall delivers the ultimate in shopping convenience with over 70 stores in a secure and friendly atmosphere. Accepting the award, Jayne Munro, Centre Manager says, "It is a great honour for us to be recognised as the best especially by the community and the readers who frequent the mall. We would like to thank the readers for acknowledging our sincere efforts we make to ensure the community has a pleasant experience every time they visit the mall.” The 34 335sqm centre which opened in November 2005, is located in the heart of the business, residential and commercial node of the South Coast. Anchored by national brands like Game, Checkers, House & Home, Food Lovers Market and Builders Express, the mall recently welcomed Dis-Chem, and Incredible Connection to its tenant mix.Besides these eclectic ensemble of retail offerings which cater to residents and holiday makers, the mall also offers its shoppers free parking. According to Munro, Redefine’s properties are strategically selected to attract and retain top tenants to accomplish short term growth and long-term sustainability.Munro attributes the success of the mall to its impactful marketing though a mix of both traditional and social media presence and above all positive word-of-mouth.The Reader’s Choice Awards recognise outstanding businesses and initiatives that have made meaningful contributions to the community. Adding to our achievement as the best,  Southcoast Mall’s stores also shone at the awards. The winners included Dis-Chem, Best Pharmacy, House and Home, Best Furniture Store, Builders’, Best Hardware, Mr Price Home, Best Home Décor, Food Lovers Market, Best Green Grocer, Mr Price Sport, Best Sports Goods Store, Haskins, Best Jewellery Store and Shoe City took the accolades for the Best Shoe Shop.ENDS

Redefine emerges overall winner at the Chartered Secretaries Integrated Reporting Awards 2018
19 November 2018

16 November 2018: Redefine Properties’ was once again recognised for its widely acclaimed integrated report, emerging as the overall winner at the Charted Secretaries Integrated Reporting Awards 2018 held last evening. Instituted in 1956 and hosted by the Chartered Secretaries Southern Africa together with the Johannesburg Stock Exchange, the awards celebrate efforts made by companies in reporting sustainability. Considered one of the most prestigious accolades for integrated reporting in the country, the CSIR Award is very democratic with a panel of judges, each individually assessing the reports against the stringent criteria. These include - balanced disclosure of trade-offs and outcomes; robust stakeholder engagement; strategic objectives in the short, medium and long-term; evidence of accountability and transparency. “We are delighted to have met these high standards and further encouraged to continuously challenge ourselves to meet the needs of all our stakeholders”, says financial director, Leon Kok.  “This recognition stands testament to our longstanding commitment to transparency and accountability to our stakeholders and confirms that value can be created not only from financial but also from environmental and social performance”, he concludes.ENDS

The Mentorship Challenge wins top accolades at the 2018 Assegai Awards
19 November 2018

19 November 2018: The Season One of The Mentorship Challenge which debuted on CNBC Africa in 2017 has won multiple awards during the year for its impactful marketing – the latest being at the prestigious 2018 Assegai Awards where it scooped gold in the Best Social Media category and silver for the Online Campaigns category. It also bagged the silver at the 2018 Prism Awards in the Sponsorship category earlier this year.Created by the JSE-listed diversified real estate investment trust Redefine Properties and hosted by the venerable Marc Wainer, the show which is currently being rebroadcast on eNCA, challenges industry titans to fuel entrepreneurial mentoring activities and contribute to making a meaningful difference in the development of young entrepreneurs.The show seeks to entrench a culture of mentorship in a skills-scarce South Africa by challenging business leaders from corporate South Africa to pledge personal time to mentor budding entrepreneurs. The show’s online platform provides the real estate for the mentors and mentees to engage and schedule time together.The show expected a modest outcome - 100 mentors pledging a total of 500 hours to a base of 1 000 mentees. At the end of season one, just shy of 200 mentors had signed up exceeding the initial target, collectively pledging over 5 000 hours between them.“We ended up exceeding our own expectations, we have just under 2 700 mentees applying for mentorship,” says Marijke Coetzee, Head of Marketing and Communications, Redefine Properties.  “Many of us can identify at least one individual, be it a teacher, a colleague or even a family member who made a positive impact, the one who believed you could be better and encouraged you to achieve your potential. The Mentorship Challenge was born from that strong desire to tap into this potential amongst the youth by offering necessary guidance and support – filling a gap that not even formal education provides.”Mentoring offers the mentor an extraordinary opportunity to contribute to a mentee’s professional, business and personal growth by sharing knowledge and experience.“Millennials in the workplace and young entrepreneurs today, are very much influenced by the types of leaders they are able to observe and learn from. To that end, well-matched pairings and a clear purpose has been the cornerstone of this success,” adds Coetzee.While Global Entrepreneurship Monitor's (GEM) latest report for South Africa reveals that SA’s entrepreneurial activity is at its highest level since 2013, the Seed Academy’s State of Entrepreneurship results indicate that entrepreneurs are not thriving and dramatically more needs to be done to improve SA’s entrepreneurial ecosystem.The report further says, having a mentor aligned to the entrepreneur’s business is a key success factor. Few entrepreneurs have mentors through their enterprise supplier development (ESD) programmes yet overwhelmingly those who did, believed that the mentors added significant value to their businesses.“Entrepreneurs are the economic engines SA needs at this point in time and mentors are one of the most valuable resources to kickstart this journey.”“At minimum, mentorship should be the practice to develop leaders in all spheres of business and we take this opportunity seriously to be able to contribute to building South Africa.” says Coetzee in conclusion.Some of the local business leaders who stepped up to pledge included the likes of Taddy Blecher, Trevor Manuel, Lira, Gil Oved, Brian Joffe, Grace Harding, Lebo Gunguluza, Angus Taylor, Judge Bernard Ngoepe, Tebogo Mogashoa, Papama Ramogase, Marc Lubner, Amy Kleinhans, Anthea Ambersley, Zuki Mzozoyana, Ntando Kubheka and Rodney Berman.ENDS

Redefine lifts full year distribution 5.5% to 97.10 cents a share as strategic investments and enhanced capital optimisation bear fruit
05 November 2018

Johannesburg – 5 November 2018 – Listed real estate investment trust (REIT) Redefine Properties (JSE: RDF) continues to weather challenging economic conditions by building a robust asset platform to sustain and nurture organic growth, both at home and abroad.A relentless focus on driving operational efficiencies during a tough period for markets, which were buffeted by ongoing global trade wars and SA’s first recession in a decade, saw Redefine buck the trend to achieve impressive recurring income growth of 6.9% and an improvement in overall occupancy to 95.5% for the year ended 31 August 2018.Several well-timed and value enhancing strategic investments saw property assets under management expand by R7 billion to R91.3 billion, with international real estate investments now making up 20.7% of the portfolio, from 19.0% this time a year ago.Off the back of gross distributable income growth of 8.2% to R5.2 billion – this is the first time the R5 billion mark has been breached – total distribution for the year lifted 5.5% to 97.10 cents a share, in line with market guidance.  Net asset value per share recorded pleasing growth of 5.9%.“Almost every sector in the economy is under huge pressure and everyone is feeling the pinch. However, we are up for the challenge and will continue deploying capital in SA and abroad, developing properties that are well located, with strong upside potential,” says Redefine CEO Andrew Konig.Redefine remains firmly focused on broadening sustainability to remain relevant by continuously improving, expanding and protecting its domestic portfolio, unlocking value from active asset management opportunities in offshore markets and recycling capital through the sale of assets at the end of their investment cycle.“Conditions will remain challenging for the foreseeable future, despite some positive signs like the appointment of a new finance minister and commitments made to creating jobs and growth by government and the private sector. Global economies are slowing and remain unpredictable due to the US policy of raising interest rates and ongoing trade wars, with geopolitical tensions on the rise. This all impacts capital flows and general confidence. Confidence will not pick up until we see more catalysts for change,” says Konig.For Redefine, navigating the storm means phasing out non-recurring, “lumpy” income, but Konig says this must be done in a measured way through considered acquisitions over a period.He says significant focus is placed on core income growth and maintaining margins. “The leasing environment will continue to be challenging and we need to be creative, smart and optimize costs, while attracting and retaining the best staff.”Redefine remained very active on the development front during the year, with R5.3 billion deployed into total development activity – notably via an expansion into the exciting and fast-paced logistics sector in Poland.A highlight during the reporting period was the R8.9 billion being realised through the recycling of capital via the sale of secondary assets, with the Northpoint and Cromwell sales alone fetching R5.2 billion.Capital was deployed by expanding offshore through investments into a logistic platform in Poland, acquiring shares in listed EPP and developing student accommodation facilities in Australia, while locally, acquiring the remaining 50% share of 115 West Street for R751 million and developing / redeveloping and expanding well-located properties to the tune of R4.7 billion.“Given the volatile times and the economic constraints both locally and abroad, balance sheet management is critical. We placed a lot of emphasis on credit metrics and this will stand us in good stead as it is anticipated that the macro-economic environment will remain volatile,” says Redefine Financial Director, Leon Kok.Cost of debt reduced by 100 basis points to 6.3%, gearing and loan to value was lowered to 40% and interest rates were hedged on 81.2% of total debt for the reporting period.Kok says the operating cost margin improved to 33.5% of contractual rental income, with enhanced operational efficiencies leading to a total operating margin improvement to 82.3%. International property investments contributed 24% to distributable income during the year.Growth in distributable income for 2019 is expected to range between 4% to 5%.Meanwhile, several new board appointments were made during the year to broaden diversity and skills. Marc Wainer will remain Redefine’s executive Chairman until an independent non-executive Chairman is appointed. Further changes to the board, effective from 2 November 2018 include: independent non-executive directors David Nathan and Phumzile Langeni have stepped down from the board and Bernie Nackan has indicated that he will not stand for re-election at the next annual general meeting. “We thank them for their valuable contributions during their terms of office and wish them well in their endeavours,” says Konig.“Volatility can be expected to continue against a less supportive economic backdrop. We need to keep our heads up, hearts in and hands on to focus on what matters most.  We continue to drive initiatives to foster a values-driven service culture, while embracing change and encouraging innovation.  We believe our strategic approach is appropriate for the environment in which we are operating – but we continue to expect the unexpected,” concludes Konig.ENDS 

Redefine continues to build strategic leadership strength with appointment of Lesego Sennelo as independent non-executive director
24 October 2018

Johannesburg - 24 October 2018 - Listed real estate investment trust (REIT) Redefine Properties (JSE: RDF) continues to enhance the depth and strength of its board with the appointment of Lesego Sennelo as an independent non-executive director from 2 November 2018.A qualified chartered accountant with vast experience in both the private and public sectors, Lesego is the immediate past President of the African Women Chartered Accountants (AWCA) Forum - which is focused on accelerating the advancement of African women Chartered Accountants.This new appointment follows those of seasoned business and accounting expert Sindi Zilwa and experienced IT professional Amanda Dambuzato, who also join the board from 2 November. Another recent leadership move saw Pieter Prinsloo being hired from Hyprop Investments to head up Redefine Europe with effect 1 February 2019."We are continuing to build our leadership team to ensure we stay a step ahead in what remains a very challenging environment. We welcome Lesego on board and look forward to her insights as we continue on our journey of creating sustained value for all our stakeholders," says Redefine CEO, Andrew Konig.Lesego's diverse professional experience includes auditing, financial management, corporate governance, strategy development and implementation, project management, investment management, business development, stakeholder management, and people management. She is also a member of the International Women's Forum (IWF), Eisenhower Fellowship, the Aspen Global Leadership Network, Africa Leadership Initiative, SAICA and the Institute of Directors (IoD).Lesego currently serves as a non-executive director on the boards of OneLogix Group Limited, Reef Tankers and Ohorongo Cement. She previously served on the boards of Sasfin Holdings Limited, AWCA Investment Holdings, Foskor, the South African Institute of Chartered Accountants (SAICA), the Limpopo Economic Development Agency (LEDA) and its subsidiaries, among others. She is the Founder and Managing Director of Gosele Advisory Services, a business advisory consultancy."Lesego's broad array of skills and experience certainly compliments our board to ensure we realise our purpose to manage and create spaces in a way that changes lives," says Redefine CEO Andrew Konig.ENDS

Redefine wins big at The Footprint Marketing Awards
19 October 2018

19 October 2018: JSE listed diversified real estate investment trust (REIT) Redefine Properties won multiple accolades at the 2018 Footprint Marketing Awards helping put its Johannesburg based malls on the national stage. An initiative of the South African Council of Shopping Centres (SACSC), the awards recognise exceptional shopping centre marketing, innovation, creative achievements, with economic success and excellent customer service. This year the awards were held at Durban’s International Convention Centre. Redefine’s Boulders Shopping Centre in Midrand took home the prestigious Spectrum Award for its “3 Hour Uncapped Free Wi-Fi” campaign in the digital marketing category. The winner is drawn from the overall winners of the Footprint Marketing Awards. During the campaign period, shoppers were able to access Wi-Fi from dedicated hotspots. On an average, the dwell time increased by 35 minutes at the mall. Redefine also received three Golds, awarded to Maponya Mall in Soweto for the Creamonaise Guinness Book of Records (longest sandwich campaign) in the sales and promotions category,  Loftus Park in Pretoria for the grand opening, expansion and renovation (together with Abland) as well as for the 3 Hour Uncapped Free Wi-Fi campaign at the Boulders Shopping Centre. All Gold SACSC Footprint Marketing Awards are automatically entered into the International Council of Shopping Centres’ VIVA Awards. Marijke Coetzee, Head of Marketing and Communications says, “We are extremely proud that our efforts have been recognised against such talented competition and reflects our passion we have for our customers and tenants.”Redefine’s Matlosana and Maponya Mall won silver for Malls 4 Schools campaign in the sales and promotional events category and in the public relations category for the Creamonaise Guinness Book of Records respectively. Two Bronze awards, for Boulders Shopping Centre for the creche refurbishments campaign in the community relations category and Maponya Mall for the World Cup Trophy tour in the public relations category took the day’s tally to eight awards. Redefine also scooped the best exhibitor (large stand) award to finish with nine awards. ENDS 

Redefine strengthens board with the appointment of Amanda Dambuza as an independent, non-executive director
10 October 2018

Johannesburg, South Africa – 10 October 2018: JSE listed diversified real estate investment trust (REIT) Redefine Properties has appointed experienced IT professional Amanda Dambuza to its board with effect from 2 November 2018. Ms Dambuza's wealth of experience within technology and information governance was a crucial match for Redefine which deepens the board's skills base and enhances its multi-disciplinary knowledge.Ms Dambuza, a highly accomplished technology executive and a seasoned entrepreneur served as Barclay Africa's CIO before venturing to start Uyandiswa, a consulting firm where she is the CEO. Ms Dambuza brings more than 18 years of experience in technology and digital disruption to the board.Uyandiswa, a firm she founded five years ago provides end-to-end project management and business consultancy services to the public and private sector in Southern Africa. She was, until recently, the Financial Services Director of JSE listed software firm Adapt IT. Ms Dambuza is a Wits University and Duke Corporate Education graduate and a certified Project Management Professional (PMP®), PRINCE2®, AGILE and ITILL practitioner.Ms Dambuza has extensive board experience and currently serves as non-executive director of MAC Consulting, CloudLeap Technologies, Dynamic Visual Technologies and Grindrod Bank where she sits on the IT Steering Committee as well as the Social and Ethics Committee."We are delighted to welcome Amanda to the Redefine board. In addition to her technology background, Amanda also brings a broad array of business experience which we believe will add significant value to the board. With her appointment, the crucial need for a non-executive director with appropriate experience in technology and information governance is fulfilled," says Andrew Konig, CEO, Redefine Properties."The appointment significantly enhances the strength and diversity of the board and we look forward to capitalising on her fresh perspective. Amanda comes to Redefine with a distinguished career and proven business leadership skills. It will be important for Redefine to leverage these attributes as we continue to execute on our strategic priorities."The new appointment takes female representation on Redefine's board to over 40%. This is a voluntary target Redefine set for itself. It has also set itself a voluntary target for 50% black representation on its board."We believe a board that is diverse is effective, accountable and better at governance leadership, making gender diversity key to creating sustained value for our stakeholders. Amanda joins us as we enter an exciting period in our business and we wish her all the best and look forward to tapping into her expertise as we execute our strategic objectives," says Konig in conclusion.ENDS

Redefine appoints industry veteran Pieter Prinsloo to head new Europe division
03 October 2018

Johannesburg, South Africa – 3 October 2018: JSE listed diversified real estate investment trust Redefine Properties has appointed Pieter Prinsloo to head up Redefine Europe with effect 1 February 2019. Prinsloo arrives from Hyprop Investments where he was the CEO. “The new role was necessitated as Redefine advances its geographic diversification strategy through direct investment in Central and Eastern Europe. Pieter is a seasoned industry veteran with more than 21 years of relevant experience and is a fantastic addition to our leadership team," says Andrew Konig, CEO, Redefine Properties. “We are confident that Pieter will build on our presence in Poland and continue to expand the strong global brand that Redefine investors have come to expect. The appointment demonstrates Redefine’s strong commitment to expand its operations in Europe across different sectors.” Redefine recently acquired 95% share in a portfolio of nine operating logistics properties located throughout Poland for €185.8 million (R2.9 billion). It has also entered into a five-year exclusive priority right involving a pipeline of 24 new warehousing and logistics developments with Panattoni, a market leader in the leasing and development of logistics properties in Europe.   Redefine has the right but not the obligation to acquire and develop these assets. Whilst Redefine will continue to work closely with its local partners, Pieter, who will be based in Europe, will be responsible for representing all aspects of Redefine’s interests in its European investments. Konig had said during the announcement earlier this year that the move into the rapidly expanding Polish logistics sector was an exciting opportunity to expand Redefine’s European brand by building a significant logistics platform.  The Polish industrial market, which has a total supply of 13.9 million square meters of modern industrial and logistics space, is benefiting from a significant increase in demand for logistics space on the back of robust retail growth. The sector is also underpinned by strong long-term fundamentals due to recently introduced limitations on agricultural land trades, which is slowing down the development pipeline and increasing the value of zoned land holdings. Redefine late last year acquired a strategic 25% stake in Chariot Top Group for R907.9 million, giving it direct access to a retail portfolio of 28 quality, established and well-located assets across Poland. Prior to this Redefine had acquired a majority interest in EPP, marking the largest ever real estate investment transaction in Poland, as well as the largest ever single South African transaction in Central Eastern Europe. “We aim to continue making inroads into markets that offer sustained growth potential, both at home and abroad, and we welcome Pieter to this new role and look forward to the value he will bring to the table,” concludes Konig.ENDS

Redefine builds on popular Mentorship TV show to launch Innovation Challenge and Challenge Conventions to spur growth, jobs and entrepreneurship
02 October 2018

Johannesburg – 2 October 2018 – Listed real estate investment trust Redefine Properties continues to play a leading role in stimulating growth, opportunities and entrepreneurial development in the local economy with the launch today of two compelling initiatives that, in line with its higher purpose “to manage spaces in a way that changes lives”, build on the success of the popular The Mentorship Challenge with Marc Wainer.With South Africa facing an unemployment crisis, the corporate sector has a greater role to play in creating sustainable employment opportunities by doing things differently, while remaining relevant in order to ensure the delivery of long-term value for all stakeholders.Redefine today launched the Innovation Challenge – demonstrating how serious it is about identifying new, innovative solutions by opening up to the public (and potential future stakeholders) to submit innovative ideas within the commercial, retail and industrial space – and stand a chance to win R1million. The winner will also have the opportunity to negotiate start-up support to the value of up to R9 million in the form of either monetary support, education, commercial space or concept acquisition.“The magnitude of the prize signals not only Redefine’s commitment to fresh thinking in order to identify new, innovative solutions to address community needs, but also promises to expose finalists to opportunities, such as access to mentorship. The overall winner is given a unique chance to start a new business or advance their career,” says Redefine CEO Andrew Konig.The Mentorship show invited leaders from all industries in South Africa and challenged them to offer hours to mentor young professionals and entrepreneurs. The phenomenal response from both mentors and mentees has further stoked Redefine’s spirit of social responsibility and it is therefore taking these lessons from the studio to drive deeper community engagement through the Challenge Convention, also launched today.The convention will be held in one of Redefine’s buildings and creates a platform for two-way engagement between Redefine and all of their stakeholders in and around that space. The agenda will include a line-up of inspirational speakers, alternated with facilitated discussions where stakeholders will have the opportunity to share their thoughts, express their concerns and in a collaborative effort co-create solutions to fully integrate the local community needs into Redefine’s spaces.A live production of The Mentorship Challenge Season 2 will also be broadcast at the convention – giving all of these stakeholders exposure and the opportunity to participate in this great initiative. Invitees include tenants, key community leaders and role-players, students, young entrepreneurs and NGO’s.The Innovation Challenge competition will open for public participation at the Challenge Convention giving participants the opportunity to enter the new ideas formulated in their collaborative discussions. The first Challenge Convention will be held at Maponya Mall in Soweto in October.“The three individual concepts are connected and underpinned by the ethos: of Our People. Our places, Our way. While business can easily get caught up in the hype of new technology, the era of digitalisation, of artificial intelligence we believe we that we need to remain relevant and forward-thinking, while still considering our people in and around our properties, the spaces in which we operate, and how best we utilise them to overcome the real needs of society in a truly South African context…the Redefine way”, explains Konig.“The three concepts open the door for true collaboration between Redefine Properties and the communities in which we operate to show that we are truly vested in making a difference,” he says.This echoes Redefine’s business goals, which include developing skills and provide opportunities for future business owners who may become tenants requiring as well as developing skills and create a pipeline of future property industry professionals across the demographic spectrum.This season, The Mentorship Challenge will be filmed live to tape, with a live audience. The audience will interact with the presenters and the guest in Q&A sessions, turning the TV show into an event of its own. Season innovations include a new co-host and mentee, Seth Mulli who currently serves as the Executive Director of the Youth Bridge Trust that aims to create opportunities for young people to be successful in the workforce, develop livelihood skills and further their education, through partnerships and collaborations. The show will also be travelling on the road, and new graphics will be introduced that evolve the show look. “The pursuit of purpose is the key ingredient to a strong, sustainable and scalable organisational culture and Redefine Properties continuously strives to tailor its business approach to stay a step ahead through purposefully-enabled agility. We continue to innovate to succeed and believe that our new initiatives will help spark the type of ground-up business success to create sustainable employment opportunities,” says Konig.ENDS

Redefine brings best minds in industry to its strategic team with appointment of Sindi Zilwa as an independent non-executive director
01 October 2018

Johannesburg, South Africa – 1 October 2018 – Listed real estate investment trust (REIT) Redefine Properties has appointed seasoned business and accounting expert Sindi Zilwa to its board with effect from 2 November 2018.Sindi, who is a CA(SA), holds an Advanced Taxation Certificate, an Advanced Diploma in Financial Planning and an Advanced Diploma in Banking and is well regarded in the areas of accounting, auditing and business management. She was the youngest woman to win the 1998 Business Women of the Year Award. A previous CEO of Nkonki, she has also had extensive exposure to a property owning and managing company during her 4 years on the board at Rebosis, where she also chaired the Audit Committee.She is also the author of “The ACE Model-Winning Formula for Audit Committees”, used by the Institute of Directors to train audit committee members in South Africa. Her second book is titled “Creating Board and Committee Effectiveness”.“We welcome Sindi to our team and have no doubt she will make an invaluable contribution as we embark on an exciting new phase in our journey. Redefine is managed by an exceptional and seasoned team of visionaries who have become renowned for their astute ability to look through and be ahead of property cycles and this new appointment ensures that the best minds in the industry are applied to our investment strategy,” says Redefine CEO Andrew Konig.Sindi currently sits on the board of directors of a number of listed companies and is a member of the audit committee and chair of the social and ethics committee of both Discovery Limited and Aspen Limited. She is also the chair of the audit committees of Metrofile Limited and Tourvest Limited and is a member of the audit committees of Mercedes Benz (South Africa) Limited and AngloGold Ashanti Limited. “It is through people-centricity that Redefine is able to remain finely attuned to the ever-changing needs of all our stakeholders so that we can continuously tailor our business approach to remain relevant. We wish Sindi well as we look to work together as a team to maintain our edge, while developing new avenues for growth,” adds Konig.ENDS

Redefine Properties unveils revamped Benmore Centre
03 September 2018

Johannesburg, South Africa - 03 September 2018: JSE-listed diversified Real Estate Investment Trust (REIT) Redefine Properties’ (JSE: RDF) welcomed shoppers to the new revamped Benmore Centre, Sandton’s popular neighbourhood shopping destination when it officially opened during end August. Redefine had started work on the ZAR252 million refurbishment programme during late 2016 and was completed on schedule. Established in 1964, Benmore Centre is one of the oldest malls in Sandton’s commercial neighbourhood, often dubbed the richest square mile on the continent. The updated look and feel includes an iconic skylight which allows natural light to flood all levels of the mall significantly enhancing the architectural language of the existing building. Furthermore resource efficiency has been built into the centre with energy efficient lighting, water saving taps and flushers.  The centre has also installed a “green living wall” outside the new parking entrance by Woolworths and is one of the biggest of its kind in Sandton. The wall is a visual feast of lush greenery and contributes to the new look while improving air quality. This living feature wall is hydroponically irrigated and provides a landscaped entrance to Woolworths. The entire second floor was remodelled to create a “services” level by removing redundant office space to accommodate the Post Office and banking institutions like ABSA, FNB, Nedbank and Standard Bank. The two new entrances off the first and second floors will provide seamless access from the parking area to shopping levels on these floors.   The revamped Benmore Centre has 22 820sqm of gross lettable area (GLA) of retail space anchored by Pick ‘N’ Pay group with 5 331sqm and Dis-Chem with 1 845sqm. Food retailer Woolworths has already relocated to a new space in the centre covering over 3 330sqm and have added Woolworths Café to their offering. Tenants that were relocated include Step Ahead, Kozi Kids, Post Net, Rain, Ala Juliette and Handmade by Bev. In its new avatar, the centre will play host to some 70 retailers with Exclusive Books, Big Blu, Wellness Warehouse, Zifferelli, Birkenstock, Motherland Coffee, Miladys, The Bagel Zone and Sorbet Man debuting for the first time in the centre. Another notable change on Benmore Centre’s dining front is the new under cover seating areas for Mio Col’cacchio, Nando’s, Simply Asia and Fourno’s.  Nashil Chotoki, Retail Asset Manager at Redefine Properties says, “We are confident that this refresh will enhance the overall shopping experience for our customers and boost the trading environment for our tenants.” “Our efforts at revitalising the centre are aimed at positioning Benmore Centre for convenience to the surrounding offices and residential, offering shoppers a new, varied experience at their doorstep,” says Chotoki in conclusion.ENDS 

New bridge over R300 will improve access to Brackengate 2
24 August 2018

Cape Town, South Africa, 24 August 2018: JSE-listed diversified real estate investment trust (REIT) Redefine Properties and VDMV Property Group today officially opened the newly improved Cilmor road bridge over the R300. The bridge is expected to further improve access to Brackengate 2, a logistics and light industrial business park located adjacent to the Shoprite Cilmor Distribution Centre in Brackenfell South.Brackengate 2 is a joint venture between Redefine Properties and VDMV Property Group. Construction on the ZAR27 million bridge started in April 2017 and was completed on schedule during August 2018.With the bridge now open, Brackengate 2 will enjoy improved road access from the N1 and N2, via La Belle Street being the extension of Old Oak Road.Importantly, the new bridge connects Stikland and Brackengate on either sides of the R300 and assists with easing the traffic pressure on the R300 itself. The bridge will also alleviate traffic on internal roads within the Stikland and Brackengate precincts. Grant Elliott, general manager, coastal of Redefine Properties says, “The build forms part of planned upgrades and construction to accommodate future growth in the area. It is also another step in providing the required road infrastructure, alternate access points to and from Stikland and Brackengate to surrounding road networks.”“In addition to its phenomenal location and easy access points, Brackengate 2 offers tenants unmatched visibility from the R300 freeway as well as Bottelary road and lies well outside the high-congestion zones of Montague Gardens and Epping Industria.”  At 56,33Ha, Brackengate 2 is designed according to the latest urban planning and architectural principles to achieve maximum efficiency, security and comfort and will provide tenants with world class accommodation including features such as high speed fibre connectivity, ample loading docks, plenty of parking space and sustainability initiatives including LED lighting and rainwater harvesting.The first hi-tech industrial and modern warehousing facilities within Brackengate 2 were completed during the first half of 2018. While the JV is engaging with business on various levels to negotiate further development opportunities, the completion of Planet Fitness and Brights Hardware are expected during end 2018 and early 2019 respectively.Brackengate 2 features mid-sized to large units that will accommodate value adding businesses likely to benefit from the location. The much sought after site is ideally situated for logistics and warehousing, and business relocating to Brackengate 2 are set to benefit greatly from easy access to the N2 and N1 freeways which link to the Cape Town Port, Cape Town International Airport and the nearby Stikland and Brackenfell railway stations.“The bridge is an important milestone for the envisioned development of Brackengate 2. Investing in this project is an investment in the region to unlock economic opportunities and support sectors like warehousing and distribution,” adds Craig Myburgh, VDMV.ENDS

Redefine ranks 2nd in SA for excellence in integrated report at prestigious 2018 EY awards
03 August 2018

3 August 2018 – Our commitment to excellent integrated reporting continues to bear fruit with a consecutive second ranking among the top 100 JSE listed companies for the excellence of our integrated reporting.After consistently placing in the top 10 in the EY Excellence in Integrated Reporting Awards since 2015, we broke through to reach second place last year – a feat we are proud to have replicated this year, with honours. Redefine was the only REIT that featured in the top 10.The rankings are based on how well companies explain to stakeholders how they create value over time.At Redefine, transparent disclosure forms a key cornerstone upon which trust is built and keeps us on course to live the Redefine values and generate sustained value for all our stakeholders.This accolade shows that sustainability is not just a buzz word for us, but a dedicated business approach that is centred on balancing short-term decisions and long-term outcomes to create meaningful, sustained value for all our stakeholders. Our integrated report provides us with a one-stop platform to engage with all our stakeholders and offer them a window into how we are creating value both inside and outside of the company. According to the adjudicators, the best reports need to provide an understanding of short- to long-term risks while providing an excellent description of the group’s business model, including primary business activities as well as the outcomes. We are delighted to have met these high international benchmarks and are more motivated than ever to continuously align our business to meet the needs of all our stakeholders in an impactful way.ENDS

Redefine continues expansion drive into fast-paced Polish market with €185.8 million logistics deal and priority right to pipeline of 24 new developments
05 July 2018

Johannesburg – 5 July 2018 – JSE-listed diversified real estate investment trust Redefine Properties continues to expand into the exciting Polish market with the acquisition of a 95% share for €185.8 million (R2.9 billion) in a portfolio of nine operating logistics properties located throughout Poland. It has also entered into a five year exclusive priority right for a pipeline of 24 new warehousing and logistics developments with Panattoni, a market leader in the leasing and development of logistics properties in Europe.The developed properties are in established logistics locations and were bought from a fund managed by one of the largest United States global asset management companies. The properties have a gross leasable area of 313,507 square metres, are 98% occupied and have a weighted average lease expiry of 3.5 years. Griffin Real Estate, which sourced the transaction, will own the other 5%. The well-located, modern, high specification portfolio has attracted sought after tenants such as Kaufland, Carrefour, Saint Gobain, Hellmann, Terg (Media Expert), Eurocash, CEVA, BRANDBQ and DSV to name just a few.Panattoni has to date developed 35% of the modern industrial facilities in Poland and developed the nine operating properties that have been acquired.The development pipeline consists of 24 identified development opportunities, which total gross leasable area of 1.9 million square meters. Redefine will have the right but not the obligation to acquire and develop these assets.“This move into the rapidly expanding Polish logistics sector is an exciting opportunity to expand our European brand by building a significant logistics platform,” says Redefine CEO, Andrew Konig.The developed assets being bought have an initial income yield 7.1%, while interest rate and currency volatility has been mitigated through full hedging.“We accessed offshore funding at competitive pricing and productively deployed a portion of recycled offshore capital, while there is no additional burden to Redefine’s resource base. Incremental distributable income will be applied towards our stated intention of phasing out non-recurring income,” says Konig.The Polish industrial market, which has a total supply of 13.9 million square meters of modern industrial and logistics space, is benefiting from a significant increase in demand for logistics space on the back of robust retail growth. National vacancies were at historical lows of 4.8% at the end of the first quarter in 2018.The sector is also underpinned by strong long-term fundamentals due to recently introduced limitations on agricultural land trades, which is slowing down the development pipeline and increasing the value of zoned land holdings. An increase in construction costs of about 20% during the past year has increased market rentals and is expected to improve the re-letting potential of current supply.Redefine late last year acquired a strategic 25% stake in Chariot Top Group for R907.9 million, giving it direct access to a retail portfolio of 28 quality, established and well-located assets across Poland. Prior to this Redefine had acquired a majority interest in EPP on 1 June 2016, marking the largest ever real estate investment transaction in Poland, as well as the largest ever single South African transaction of income generating real estate assets in Central Eastern Europe.“This transaction enhances the geographic and sectoral diversification of our portfolio as we continue to invest strategically in exciting geographies, engage talent, optimise capital, operate efficiently and grow our reputation,” concludes Konig.ENDS 

Redefine’s agile industrial property strategy helps unlock value
04 July 2018

Cape Town, South Africa – 04 July 2018: JSE listed diversified Real Estate Investment Trust (REIT) Redefine Properties remains firmly focused on delivering customised solutions in the industrial property sector despite constrained economic conditions.Two primary drivers of potential growth for the industrial sector are capital investments into automotive and mining-related industries and South Africa’s ability to develop its infrastructure as a transit hub to serve the Southern African Development Community (SADC) region.In this regard, the government is placing emphasis on infrastructure development by offering tax incentives for businesses operating within the eight Special Economic Zones (SEZ), with three additional SEZs being planned by the Department of Trade and Industry.Transnet’s 10 year, R350 to R380 billion worth of capital projects to national ports and rail has seen the recent R4.2 billion upgrade of the Cape Town Container Terminal (CTCT) at an estimated   40% increase in container handling capacity.  As a result, occupiers of port bound warehouses are relocating to new industrial nodes outside the congestion zone around Paarden Eiland and Montague Gardens.Brick-and-mortar retailers continue to drive demand for warehousing and logistics space and show increasing investment into warehousing management systems for improving supply chain capabilities to e-commerce business.“These projects bode well for future growth in the industrial sector,” says Johann Nell, National Asset Manager, Industrial, Redefine Properties.Manufacturing continues to face strong headwinds with erratic demand and policy uncertainty.“As a result of these trends, tenants are looking to consolidate manufacturing, assembly and distribution facilities to reduce overheads, which dictate changes to business requirements down the value chain,” says Nell.“Our ability to put together bespoke developments affords us the opportunity to increase the quality of our value offering. In the Western Cape we are accommodating mixed use offerings at Brackengate 2 Business Park by adding a 3,000sqm Planet Fitness and 8,200sqm Brights Hardware into the precinct.”Favourable lending terms is another big driver as owner occupiers who wish to exit the leasing market are taking on debt, freeing Redefine’s capital for reinvestment. This trend is particularly driven by businesses setting up supply chain networks in South Africa. To take advantage of the trend towards owner-occupancy, Redefine has entered into joint venture agreements on certain developments e.g., Bidvest at Brackengate 2. Brackengate 2, a joint venture with VDMV Property Group is a newly established business park located next to Shoprite’s Cilmor Distribution Centre. At Brackengate 2, mid-sized units are being planned to accommodate value adding businesses that will benefit from the location.  Redefine’s focus on refurbishment and improvements of existing assets has been key to maintaining relevance through sustainable asset retention within the primary industrial nodes on a national basis. Furthermore, incorporating green design elements such as LED lighting, daylight harvesting, solar power and grey water systems on new and existing properties has reduced operating costs for tenants. Atlantic Hills, Redefine’s JV with Nedbank CIB and Abland, is situated on the Potsdam Interchange and together with the City of Cape Town this extends the M12 motorway from Giel Basson Drive onto the N7. The new cold storage facility owned and occupied by SA Fruit Terminals will be the first major development at Atlantic Hills to break ground.Located near Durbanville, Montague Gardens and Welgelegen, Phase 1 of Atlantic Hills is completely sold out.  Negotiations continue for sale and leasing on the balance of Phase 2 and Phase 3, in all totalling 44.4 hectares of developable land.“We remain committed to working with the best local partners and providing the highest quality space available in the market. Brackengate 2 delivers on the promise and offers the warehousing and logistics market quality industrial land that links with intermodal infrastructure,” says Nell.“Our continued focus on people-centric property management is testament to our sustained tenant retention.”Recently completed projects at Brackengate 2 include Bidvest’s Plumblink 6,791sqm and Spec 5,642sqm buildings as well as the new GEA facility measuring 8,973sqm. Having sold most of the Stikland erven Redefine’s focus is to optimise the main business park precinct for lease driven developments, offering prime highway exposure to a large portion of the scheme. “The outlook for industrial property remains promising and we expect an increase in market share in prime industrial nodes through acquisition and development,” concludes Nell.ENDS

Redefine wins prestigious IAS corporate reporting award
22 June 2018

JSE-listed diversified Real Estate Investment Trust (REIT) Redefine Properties (JSE: RDF) has been voted as the leader in corporate reporting in the property sector for the 2017 financial year. This award was made during an auspicious Investment Analysts Society (IAS) function held in Sandton yesterday.The IAS is a non-profit making liaison body for the investment analysts profession and currently boasts 1,300 members across all walks of the profession - Investment Banks and Houses, Fund Managers, Brokers, Insurance Companies, Pension Funds.“We take our role as custodians of capital very seriously and continue to strive to maintain the highest possible standards in corporate reporting. We are therefore encouraged to have been recognised by such an important professional body and by those within the profession who need to make very important investment choices based on the transparency and veracity of our value creation story,” says Redefine CEO, Andrew Konig.At Redefine, sustainability is not just a buzz phrase, but a dedicated business approach that is centred on balancing short-term decisions and long-term outcomes to create meaningful, sustained value for all stakeholders.The company remains firmly focused to deepen stakeholder engagement throughout the business.“We create sustained value for all our stakeholders, by placing people at the heart of what we do and are therefore not only driven by the pursuit of profit, but also by the pursuit of purpose, which is a key ingredient to a strong, sustainable and scalable organisational culture,” says Konig.ENDS

Redefine attracts big box retailers to its centres
06 June 2018

Johannesburg, South Africa, 06 June 2018: JSE listed diversified Real Estate Investment Trust (REIT) Redefine Properties (JSE: RDF) has finalised leases with two international big box retailers set to debut at its centres later this year. International retailers looking to open and expand their presence in the country have already snapped up more than 37 000sqm of prime retail space across Redefine’s portfolio. One of the world’s largest home improvement retailers, French based Leroy Merlin will open its first store in South Africa at Redefine’s Stoneridge Centre in Modderfontein while international sport goods retailer Decathlon will be opening at Centurion Lifestyle Centre and Wilgeheuwel, Little Falls to further grow its footprint in the country. Leroy Merlin will occupy some 17 000sqm of space at Stoneridge Centre covering two floors, parking and materials yard on the lower level and showrooms, trading floor, storage area, office space as well as a pick up zone on the upper level. Redefine’s development team had to substantially remodel the specification document designed for an European environment to provide a new two level configuration to suit  the South African environment and ensure consistency of look and feel across Leroy Merlin’s global stores. Nashil Chotoki, National Asset Manager, Retail at Redefine Properties says, “The area surrounding Stoneridge Centre represents a prime location for an offering like Leroy Merlin. Over and above the established estates and precincts, massive housing growth is predicated for areas like Greenstone, Modderfontein and Linbro Park.” Leroy Merlin stores offer a variety of internationally-sourced products with specialised advice and training for customers of any level of DIY expertise. Their stores normally carry anywhere between 30,000 – 60,000 products with Leroy Merlin’s customer focused employees able to offer sound advice on solutions, products and installations. Cedric Sennepin, CEO of Leroy Merlin SA, says, “It is important for Leroy Merlin to work with serious partners such as Redefine and we are confident that we developed a first store that will attract customers from far.”The run off benefits of bringing big box retail to communities is more jobs for local people as well as spill over traffic for other outlets in the area. Directly and indirectly the home improvement retailer will create jobs for more than 200 people.“Big box retail solutions offer a greater diversity of options for shoppers. Consumer trends point to greater support for such convenience centres and we feel that retailers like Leroy Merlin & Decathlon enhances the “convenience” of some of our assets and create a point of differentiation,” says Chotoki. “Leroy Merlin in combination with other new retailers at the centre will change the profile of the node.” Spending on home improvement continues to remain resilient despite a sluggish economy as consumers favour DIY options to save money. Millennials and baby boomers are choosing to update their homes instead of trading up and in the process fast fashioning a new trend.  “Technology has inspired DIY projects. Millennials today simply google a solution, buy products from home improvement stores to save time and money,” adds Chotoki. “We are proud to be leasing space to global brands like Leroy Merlin & Decathlon. The combination of top quality assets and unique locations is an irresistible proposition for tenants in any economic cycle. We hope to further build a lasting partnership with these brands and are currently exploring other opportunities in the Redefine portfolio.” Redefine’s two lease agreements with Decathlon cover approximately 5 000sqm. The sports lifestyle category has been the fastest growing retail category in terms of sales and is largely driven by a healthier lifestyle being adopted by South Africans. “Decathlon’s offerings - products and price points, suit local tastes while the instore “experiential” environment like mini football field and netball courts is fast proving to be a crowd pleaser,” says Chotoki in conclusion.“Retailers continue to seek new neighbourhoods where they can achieve great revenue and our projects in burgeoning nodes like Modderfontein and Little Falls offer that density of new traffic that can support their businesses.” Redefine is also in talks with H&M and other international retailers across the larger retail formats.ENDS 

Marc Wainer stepping down as Redefine’s executive Chairman in November
08 May 2018

At Redefine, we are committed to creating sustained value for our stakeholders. We've long believed that world-class, fit-for- purpose governance is the cornerstone of our business's success, which is why we continuously assess and enhance our Board's skills, diversity and independence.As a part of this ongoing process, Marc Wainer will be stepping down as Redefine's executive Chairman in November. This will enable the Board to appoint an independent non-executive Chair, in line with the recommendations of King IV, as well as ensure that there is adequate time to ensure a smooth transition.Going forward, Marc will remain an executive director of Redefine, and his day-to- day role remains unchanged."It's been a great privilege to have served as Chairman for the past four years. I have full confidence in our CEO, Andrew Konig, and the Board as a whole. In the years ahead, I look forward to continuing to be part of the executive team and the Board as we work towards realising our vision - to be the best South African REIT", concludes Marc Wainer.

Redefine delivers sustained value through operational efficiencies and executing its strategy to protect and expand its property portfolio
07 May 2018

Operating conditions may remain challenging but JSE-listed diversified Real Estate Investment Trust (REIT) Redefine Properties (JSE: RDF) continues to execute long-term strategic thinking and efficient management of its property portfolio to deliver sustained returns and value.Redefine, which recorded a 5.5% increase in its distribution to 47.30 cents per share for the interim period to 28 February 2018, remains firmly on track to harness the resources at its disposal and expects to maintain this growth rate for the full 2018 financial year.With local developments in progress to the tune of R5.9 billion, ongoing and value-enhancing redevelopment of existing properties, disposals and international acquisitions Redefine has the ammunition to advance its strategy of diversifying, growing and improving the quality of its property portfolio.During the reporting period Redefine acquired a strategic 25% stake in Chariot Top Group for R907.9 million, giving it direct access to a retail portfolio of 28 quality, established and well-located assets across Poland. On the local front, the highlight was the ongoing development activity to protect and expand the property portfolio with the completion of redevelopment projects amounting to R212.7 million and redevelopment projects in progress at R743.4 million. The property platform remains biased towards retail at 41% of its sectoral spread by value, while its offshore footprint contributed 25% to distributable income.Subsequent to the reporting period, Redefine entered into agreements to sell 19.5% of its interest in Cromwell for R3.7 billion and its equity interest in directly held Northpoint for R1.6 billion with the proceeds expected to be received this month subject to the approval of the Australian Foreign Investment Review Board. On the local front, the remaining 50% of 115 West Street (Alexander Forbes) was acquired for R750 million.“Our strategy is appropriate for the environment we are operating in. A strong feature of our approach has been to recycle capital and during this reporting period we raised R2.6 billion in terms of selling non-core assets, which bolsters liquidity,” says Redefine CEO, Andrew Konig.The new dawn brought about since Cyril Ramaphosa became President, together with support from global growth and commodity prices, are expected to lead to higher investment and economic growth opportunities going forward.While Konig says South Africa’s economic activity needs to double to make any significant inroads into property fundamentals – which are soft at present – he is excited about a new mood for the economy, which is evidenced by rising confidence levels.“Rising confidence levels are palpable and we welcome and are supportive of interventions introduced by President Ramaphosa to propel the economy forward. While we are noting some signs of this shift in sentiment in terms of leasing interest, sentiment must translate into economic growth at double the current rate to alleviate soft property fundamentals,” he says.For Redefine it is about remaining focused on what matters most – operating efficiently, investing strategically, optimising capital, engaging talent and growing reputation.Redefine’s Financial Director, Leon Kok, reports a healthy operating margin of 82.7% for the interim period, with the property cost ratio remaining stable at 33.9%. The overall occupancy rate improved to 95.8% and tenant retention measured 94.7% from 86% in the comparable half year in 2017.“I am happy to report very sound credit metrics, with our loan to value ratio dipping to 40.1%. We will look to reduce this even further to trend to below 40% over time. Our cost of debt funding reduced to 6.9%,” he says.Redefine’s total assets are valued at R93.4 billion – an increase of R1.9 billion since the year end in August 2017.Other highlights include gaining a level 4 BBBEE rating, a gold SAFMA award for solar PV implementation – total installed solar PV capacity is now 11,697kWp and Redefine has 43 Green Star certifications – and 47 learners being enrolled for its 2018 training intake.As part of strengthening Redefine’s Board governance role, Marc Wainer will be relinquishing the Chairman role during November, to allow for a smooth transition to an independent non-executive Chairman. Marc will continue to be an executive director of Redefine.“We are relentlessly focusing on what matters most to deliver sustained value and truly believe that to prosper over time all stakeholders in our company must benefit,” concludes Konig.EDITOR'S NOTESClick here to view May 2018 Intermin results  

Redefine Properties puts auditor KPMG on notice
04 May 2018

JSE listed diversified Real Estate Investment Trust (REIT) Redefine Properties (JSE:RDF) has announced its decision to place auditors KPMG on notice. Redefine’s board has resolved toterminate its association with KPMG. At the Company’s Annual General Meeting in February 2018, it was proposed that KPMG be re-appointed as the Company’s independent external auditors for the 2018 financial year, on the provisothat “the Audit and Risk Committee actively monitor the outcomes of the investigations underway andtake appropriate action as and when further information becomes available”. Subsequent to the AGM and the successful re-appointment of KPMG, the Board, through the Auditand Risk Committee, thoroughly assessed the continuing and more recent developments as werecommunicated by KPMG and reported on in the media.  Concerns over good governance and ethicscompliance motivated the decision. KPMG’s appointment as external auditors will terminate on conclusion of the audit relating to the 2018financial year, which is expected to be on or about 30 November 2018. Redefine CEO Andrew Konig said, “Redefine’s reputation is everything and our decision was madefor this reason. We will have a new auditor on board for the 2019 financial year.” Redefine CFO Leon Kok said the decision was not taken lightly. “Audit quality, consistency and continuity are of paramount importance to Redefine and we aremindful of the time and effort it takes to onboard new external auditors.  Given the currentcircumstances and in the best interest of all our stakeholders, we felt it appropriate to commence withthis change as soon as possible."  The Board remains satisfied with the real estate experience and technical expertise of KPMG and thedesignated audit partner will accordingly support its continuance as auditors duringthe transition period to assist in a smooth and efficient handover to the new auditors.

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