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Press archive

Update on disposal of RDI REIT shares
07 July 2020

Shareholders are referred to the announcement released on SENS on 29 June 2020 wherein shareholders were advised that Redefine had:- announced a tender offer made to the holders of its outstanding €150,000,000 1.50 per cent Secured Exchangeable Bonds due September 2021 (the “Bonds”) exchangeable into the ordinary shares of RDI pursuant to which bondholders could elect to tender to have all or any of their Bonds redeemed by Redefine (the “Tender Offer”); and- concluded an agreement to dispose of up to 111 883 113 shares in RDI REIT P.L.C. (“RDI”) being its entire shareholding in RDI, representing 29.42% of the RDI shares in issue to controlled affiliates of Starwood Capital Group (the “Disposal”), conditional on the Tender Offer being accepted in respect of Bonds which, when added to the aggregate principal amount of Bonds previously exchanged, redeemed, purchased and cancelled by the Company was equal to 85% of the principal amount of Bonds originally issued (the “Offer Condition”).Redefine confirms that it received irrevocable tender offers for 100% of the outstanding Bonds and that all offers have been accepted. Redefine further confirms that the Offer Condition has been fulfilled and accordingly the Disposal of all of its 111 883 113 RDI shares for an aggregate sale consideration of £106 288 957.35 will be implemented on 10 July 2020.7 July 2020 

Redefine strengthens its balance sheet and simplifies its asset platform with R2.3 billion divestment of RDI
29 June 2020

Johannesburg, South Africa, 29 June 2020 – Redefine Properties (JSE: RDF) continues to advance its strategic priority of strengthening its balance sheet to offset the ongoing uncertainty and negative effects of the COVID-19 pandemic. In a move to drive the business forward in the face of challenging property fundamentals locally and internationally, today it concluded a deal that will see global private investment firm Starwood Capital Group acquire its 111.9 million shares in UK-based RDI REIT for 95 pence per share. The deal represents a 20.9% premium to the ruling share price. The disposal generates Redefine’s GBP106.3 million, which translates, at the current exchange rate, to R2.3 billion. Given that a portion (49.8 million RDI shares) of Redefine’s investment in RDI is encumbered by an exchangeable bond it issued in September 2016, Redefine today made a tender offer to the holders of the outstanding EUR150 000 000 1.50% Secured Exchangeable Bonds due September 2021 exchangeable into the ordinary shares of RDI, of which EUR117.2 million are presently outstanding. Undertakings from bondholders in support of the tender offer totalling 77.1% of the amount outstanding has been received. Redefine’s financial director, Leon Kok, says that the disposal of the RDI shares and the settlement of the bonds (assuming all bonds are redeemed) will reduce Redefine’s loan-to-value ratio by approximately 1.1%. Following the disposal, which is denominated in pound sterling, and the redemption of bonds pursuant to the tender offer, which is denominated in euro, Redefine will restructure its pound sterling debt portfolio. Redefine’s chief executive officer, Andrew König, says the exit out of RDI substantially advances Redefine’s stated intention of simplifying and solidifying its asset platform, as well as eliminating multiple entry points for South African equity investors into the same investment opportunities. Furthermore, it also improves the company’s risk profile through eliminating a risk universe over which it has no direct management influence. König says that Redefine’s strategic intent to strengthen its balance sheet, recycle non-core assets and boost liquidity continues to place the company in a strong position to withstand the risks and challenges of the current uncertain operating environment. The disposal will also allow Redefine to re-strategise and re-allocate its financial and capital resources to position the company for sustained value creation in a post-COVID-19 environment. “In the prevailing environment, the knowns are outweighed by evolving unknowns. Our intention is to ensure we can manage the variables under our control while being extremely well placed to benefit once conditions improve,” concludes König. 

Redefine announces sale of non-core assets in Australia for AUS459 million
26 June 2020

Johannesburg, South Africa, 26 June 2020 – Redefine Properties (JSE: RDF) announced today that its competitive bidding process to sell its interest in Journal’s two student properties in Australia has been concluded at AUS459 million. The disposal of its interests, comprising 1 391 beds is part of Redefine’s portfolio refinement and loan-to-value improvement strategy. During 2017, Redefine had acquired a 90% beneficial interest in Journal Student Accommodation Fund and during the following year Journal Swanston Sub Trust to develop the properties in Melbourne, Australia as purpose-built student accommodation and associated retail. Development of Leicester Street, an 804-bed facility, was completed in 2018 while the development of the 587-bed Swanston Street was completed in May 2020.Redefine’s financial director, Leon Kok, says a portion of the proceeds from the disposal will be used to settle the Australian loan facilities on the properties amounting to around AUS132 million and the remaining proceeds will be utilised to reduce Redefine’s other interest-bearing borrowings and enhance its liquidity. This transaction forms an integral part of Redefine’s loan-to-value improvement plan, which includes the disposal of approximately R8 billion of non-core assets across Redefine’s property asset platform, explains Kok.  The transaction will also secure the release of 60 million Cromwell Property Group shares from an encumbrance with Redefine’s intention that such Cromwell shares be sold on the open market to further advance Redefine’s stated intention to strengthen its balance sheet and bolster liquidity.Redefine’s chief executive officer, Andrew König, says: “The transformation of the property asset platform is necessary to withstand the impact of the pandemic whose trajectory is still evolving. Recycling out of non-core assets at the top end of their capital value will enable us to strengthen our balance sheet and crystallise the benefits of net proceeds.  We have consistently said our plan is to recycle capital into core markets where there is scope for scale, by disposing assets that no longer fit our long-term value creation strategy.”  

Redefine’s European logistics platform set to expand its footprint in Poland
17 June 2020

JSE-listed diversified Real Estate Investment Trust, Redefine Properties (JSE: RDF), along with equity partners Madison International Realty and Griffin Real Estate in European Logistics Investment BV  and in joint venture with its strategic development partner Panattoni Europe, will commence construction on a 50 000sqm build-to-suit (BTS) manufacturing and warehouse facility for Weber-Stephen Products in Zabrze within the Upper Silesian metropolitan area in Poland. Weber is a privately held US manufacturer of charcoal, gas and electric outdoor grills and related accessories. The building is planned with over 5 000sqm earmarked for office space. The site is provisioned for an additional 30 000sqm if Weber’s growth exceeds expectations. The project will be Weber’s first manufacturing facility in Europe and when complete will employ approximately 450 people. The construction will begin in August 2020 and will be ready for occupation during the second half of 2021. The BTS facility will serve as Weber’s primary distribution operation for Europe, Asia and Africa. Zabrze’s proximity to three international airports (Katowice, Krakow, Ostrava) and easy access to the A1 motorway (Gda?sk – ?ód? – Czechia – Austria), and the intersection of the A1 and A4 (Germany – Wroc?aw – Krakow) serve Weber’s interests well. The logistics real estate sector is proving to be more resilient than other real estate classes during COVID-19. According to Savills, the pandemic has had no significant impact on occupier demand in Poland in the first quarter of the year. The leasing volumes during Q1 2020 have been on par with the same period last year (1.1 million sqm) with a notable increase in demand for temporary space.Poland’s total warehouse and the industrial stock reached 19.0 million sqm at the end of March 2020, with the largest markets being Warsaw (4.4 million sqm), Upper Silesia (3.2 million sqm) and Central Poland (3.1 million sqm). According to Andrew König, CEO, Redefine Properties, the coronavirus pandemic is expected to intensify the demand for warehousing as supply chains are restructured and to meet the growth in online spending. The growth in e-commerce is benefitting logistics especially the development of “last mile” delivery facilities.  “Our strategy in Poland is centred around creating a leading logistics platform and Zabrze located in Upper Silesia, one of the most attractive logistics locations in the country was a natural choice for Weber”, says Pieter Prinsloo, CEO of Redefine Europe. The sustained investments in improving road infrastructure has enabled easy access to other parts of the country, as well as to the rest of Europe, making Upper Silesia a popular region among international companies looking for high-quality warehouses in good locations. The facility to be developed in Zabrze is our next investment in the region, following the development of the warehouses and logistic parks located in Ruda ?l?ska, Sosnowiec and Bielsko-Bia?a. ELI’s portfolio includes 16 assets with a total gross lettable area of circa 480 000sqm and approximately 120 000sqm under construction. In the next three to four years, ELI plans to expand by about 2 million sqm through development activity. 

Redefine achieves impressive tenant retention of 96% in the face of ongoing COVID-19 uncertainty
04 May 2020

Focus firmly on liquidity and balance sheet management and adapting portfolio to new behavioural patterns, as interim distributable income drops 32%Johannesburg – 4 May 2020 – With the COVID-19 virus and related uncertainty continuing to weigh on businesses, Redefine Properties (JSE: RDF) has announced a 32% fall in its distributable income per share for the six months ended 29 February 2020 to 33.46 cents from 49.19 cents in the prior comparable period. While this was mainly due to the need for prudence in recognising offshore dividend streams in the face of the lockdown and global volatility – the local portfolio held up well, with the tenant retention ratio at a pleasing and competitive 96%.CEO Andrew Konig says given the unprecedented and evolving market conditions, property fundamentals, domestically and globally, are going to be challenged for the rest of 2020 and beyond. A “tale of two halves” for the 2020 financial year can therefore be expected.“We are making decisions and adapting to new rules in an environment where the knowns are outweighed by evolving unknowns. So, while we cannot provide distribution guidance yet due to this evolving, fluid and dynamic situation, we also see this as a unique opportunity to change the way we do things to drive our business forward and to position ourselves to add stakeholder value,” says Konig.Redefine remains anchored by a diverse property asset platform valued at R89.2 billion and its local portfolio is complemented by property investments in Poland, the United Kingdom (UK) and Australia.The company continues to make inroads into realising value, with disposals during the period amounting to R707 million and with R1.9 billion deployed into property assets.In South Africa, the active portfolio vacancy rate increased marginally during the period to 6.0% from 5.7% in the same 2019 half year period. The operating cost margin increased to 36.0% of contractual rental income from 34.7% in the comparable half year period in 2019.Refurbishments completed during the period were for 155 West Street costing R168.5 million, as well as Kenilworth Centre, Knowledge Park and Sammy Marks at an aggregated cost of R87.0 million. Current redevelopments in progress amount to R29.1 million at Black River Park and The Towers.Financial director Leon Kok says the current environment demanded that Redefine adopt a “manage for liquidity and sustainability and not for profit” attitude. This means Redefine had to be extraordinarily prudent in terms of its approach to revenue recognition and how it manages its balance sheet.“Historically we relied on underlying dividend income streams which were forthcoming mainly from our international investments. However, due to the massive crosswinds, conventional thinking has had to be pushed aside,” explains Kok.During this period in particular, impairments on offshore holdings have played a key role in the financial result. This occurred in line with requisite international financial impairment testing standards due to ongoing global volatility and uncertainty. The carrying amount of EPP for instance – in which Redefine holds 45.4% – was impaired by R442.4 million. The carrying amount of RDI REIT plc, in which Redefine holds 29.4%, was similarly impaired by R121.5 million. In addition, the constrained local economic conditions and lack of catalysts for meaningful recovery, necessitated the impairment of goodwill and intangible assets totalling R5.6 billion. “The upshot of this is that our net asset value now only represents tangible assets and this impairment has no impact on the loan-to-value ratio,” says Kok.Kok says Redefine is satisfied that there is sufficient headroom to absorb unexpected headwinds and impacts on revenue.“We have sufficient liquidity to absorb pressure and continue to place the highest priority on managing our loan to value ratio – now at 44.2% from 43.9% in August last year. The prudent action we have taken will stand us in good stead as local conditions improve going forward.”The average cost of debt is 6.1% (FY19: 5.8%) and interest rates are hedged on 88.7% (FY19: 87.3%) of total borrowings for an average period of 3.0 years (FY19: 2.9 years).While Redefine can comfortably meet its solvency and liquidity obligations, it was resolved to defer the decision on the dividend declaration for the six months ended 29 February 2020 until the release of results for the year ended 31 August 2020, expected on November 2 2020.Konig says it is too early to call what the future holds from an outlook point of view, but Redefine intends to use this crisis as an opportunity to match future initiatives to expected changed consumer behaviour.“We will look at each of our properties to position them slightly differently to provide a relevant offering which differentiates us from the rest. How we work, play and live will change and we want to revisit our business model to ensure we adapt quickly and profitably,” explains Konig.There are some positive signs emerging as a phased period to exit the lockdown begins this month.“We are pleased with the progress in negotiations with tenants to secure rental income while alleviating pressure for those who are really battling. Generous discounts, for instance, have been given to struggling SMMEs. While the payment of rates and taxes remains a sticking point with large clothing retailers, the spirit of Ubuntu continues to shine through by all players in the property sector. We will get through this crisis if we all work together, adapt to changed circumstances and look forward,” concludes Konig.

Passing away of South African property doyen Marc Wainer is a loss to the entire sector
Passing away of South African property doyen Marc Wainer is a loss to the entire sector
20 April 2020

Johannesburg, South Africa, 20 April 2020: Marc Wainer, founder, former Chairman and CEO of Redefine Properties, who started his career working in his parents' grocery and fish shop in Yeoville and went on to build one of the country’s largest and diversified Real Estate Investment Trusts (REIT) listed on the JSE passed away earlier today at the age of 71. The legendary founder and pioneering property investor and developer Marc Wainer had retired from the company at the end of August 2019. Marc established himself as a visionary and an astute deal maker over his more than 40 years in the industry, building Redefine Properties, included in the JSE Top 40 Index, into one of the largest REITs with more than 300 local properties with last reported total assets exceeding R100 billion. He was also instrumental in transforming Redefine Properties into a global REIT with interests in commercial property diversifying into new markets such as Poland, United Kingdom, Germany and Australia and alternative investments such as student accommodation, as-well-as a once off residential play. “I am at a loss for words and deeply saddened by Marc’s passing away. He leaves a void in the lives of people in the entire property sector who did not escape his characteristic wit, infectious laughter and his genuine love and concern for those he worked with,” says Andrew Konig, CEO, Redefine Properties. “Marc was a true family man and our thoughts and prayers are with them during this difficult time.” “His passing away is also a huge loss to the sector and we will all miss his guidance and encouragement. Marc always said that people are the only thing that matter. Our tribute to him will be who we say we are and continue to grow the business he founded and continue to manage and create our spaces in a way that purposefully changes lives,” adds Konig. “Marc leaves an extremely powerful legacy. He will always be remembered as a legendary leader, a game-changer in the property sector, and someone who changed the lives of many who had the privilege of working with and knowing him, including those whose lives he touched via The Mentorship Challenge. He truly ‘walked the talk’ on his passion for people, property and giving back through mentorship.” Marc will be missed but never forgotten.  

BREAKING NEWS: Redefine postpones dividend as precautionary measure to provide financial flexibility and bolster liquidity in the face of ongoing COVID-19 uncertainty
23 March 2020

Decision follows Poland’s EPP announcing it will postpone payment of previously declared dividend.Redefine’s previous distribution guidance withdrawn; to be revised to provide greater market certaintyJohannesburg, 23 March 2020 – Given the unprecedented and evolving market conditions brought about by the ongoing COVID-19 uncertainty, we have decided to take a number of precautionary steps to safeguard our business in the best interests of all our stakeholders.While the safety of our tenants, visitors, shoppers and employees remains our paramount concern, the persistent and unprecedented COVID-19 uncertainty requires prudent decisions to be made which will provide us with enhanced flexibility and liquidity to remain on the front foot.We cannot forget that the uncertainty and prolonged nature of the lockdown is having negative repercussions all over the world, and South Africa is no exception. Polish listed EPP, in which we hold a stake, has already announced it is to postpone the payment of its previously declared dividend.While Redefine can comfortably meet its solvency and liquidity obligations and we are confidently pursuing our stated strategic priority to reduce balance sheet risk, the current circumstances dictate that we take the important precautionary measure to defer our decision on a dividend payment for the six months ended 29 February 2020. The board has decided to postpone this until the release of results for the year ending 31 August 2020, which is expected to be on or about 2 November 2020.We have also announced to the market that we are withdrawing our previous distribution guidance that distributable income per share for the 2020 financial year was expected to be between 5% to 7% lower than 2019. We will provide you with updates at such time as we are able to do so with a reasonable degree of certainty.Please be aware that we are in a closed period ahead of our upcoming results announcement for the half year to 29 February 2020 and therefore are not able to engage directly. However, any questions you may have can be channelled to our centralised investor relations email: so that the same information is provided to all investors.There is little doubt this is an extraordinary time of uncertainty and it necessitates that all businesses review their outlooks. We are not alone in this, but we are committed to transparency and providing our stakeholders with certainty. By acting prudently now to reduce balance sheet risk, bolster liquidity and create financial flexibility, we can get through this crisis together.Warm regardsAndrew KonigCEO 

Balance sheet management in a time of crisis
20 March 2020

Johannesburg, South Africa - 20 March 2020: The coronavirus (COVID-19) has triggered unprecedented financial market conditions, which emphasises the importance of prudent balance sheet management and demands careful liquidity planning.Redefine's last reported (as at FY 31 August 2019) currency analysis of its assets and debt position is set out below:    Property assets (R'billion) Debt (R'billion) LTV (%) Weighted average cost (%)           Net ZAR* 72.8 21.2 29.1 9.1 AUD 3.6 1.9 52.0 4.0 EUR 15.8 14.0 89.2 4.0 GBP 2.8 4.1# 145.5 3.0 USD 0.4 0.6# 141.0 4.5 Total 95.4 41.8 43.9 5.8  # Refinanced post 31 August 2019 to be in line with carrying values*Net of cash and cash deposits on CCIRSCross-currency interest rate swaps (CCIRS) are included at market value in the debt analysis above.Redefine's loan-to-value (LTV) ratio at 29 February 2020 is expected to be materially unchanged from the position at 31 August 2019.The summary above demonstrates the natural net asset value hedge created by Redefine matching its asset and debt currency exposures. The summary is not however reflective of assets backing secured debt facilities. The analysis below illustrates the last reported assets encumbered to support the various secured loans.    Assets (R'billion) Debt (R'billion) LTV (%) Local property assets 52.9 21.3 40.3 Offshore property assets UD 7.0 3.3 47.1 Listed investments 2.9 2.7 93.1 Encumbered assets / secured debt 62.8 27.3 43.5 Unencumbered assets / unsecured 32.6 14.5 44.5 Total 95.4 41.8 43.9  The following is noted: 66% of Redefine's property assets are encumbered, leaving unencumbered assets amounting to R32.6 billion to support unsecured debt of R14.5 billion; 78% of the secured debt is secured by local property assets, with a LTV ratio of 40.3% Offshore debt totalling R3 billion is secured against offshore property assets, which has no recourse to the South African balance sheet; and There is no capital margining required to top up or cure a shortfall in the market value versus secured debt in respect of listed investments (including in relation to Redefine's investment in RDI REIT PLC, EPP N.V and Cromwell Property Group).Redefine includes the market value of all its CCIRS in the debt balance to calculate its LTV in order to present a complete and prudent picture of its solvency and liquidity position. It must further be noted that none of Redefine's CCIRS have any credit support arrangements in place, which means that no cash margining or other collateral is required if the Rand depreciates.As at 31 August 2019, Redefine reported debt amounting to R6.3 billion maturing by 31 August 2020 (of which R1.6 billion was subsequent to 29 February 2020). Substantially all of this debt has been successfully refinanced and management is comfortable the balance will be addressed. We also have taken advantage of the lower interest rate curve to increase and extend our hedging maturity profile.Although we are operating in a fluid environment, Redefine remains well within all its debt covenants, the most stringent of which being a maximum Group LTV level of 50% and an interest cover ratio of 2 times. Redefine continues to execute on its previously announced strategic priority to reduce balance sheet risk. Working capital management has also been prioritised. Redefine has a strong liquidity position which includes significant cash and access to R2.8 billion in committed undrawn credit facilities.During this time the health, safety and wellbeing of all our stakeholders remains Redefine's managements' highest priority and a dedicated team has been established to ensure a co-ordinated response across the business. The team is tasked with developing and implementing the necessary responses and measures to address COVID-19. Management takes the threat seriously and is implementing practical measures to curb the spread of the virus for as long as the circumstances demand. A curtailment on discretionary costs has been implemented to make allowance for the anticipated costs associated with the various initiatives to combat the spread of COVID-19.At the time of release of this communication, normal domestic trading has not yet been materially impacted by disaster management regulations and business continuity plans have been implemented to minimise disruption by initiatives implemented to curb the spread of COVID-19.Despite the limitation of trade in Poland's shopping centres the movement of freight around, in and out of Poland continues as usual and the manufacturing sector is not shut down. In fact, there is additional demand for logistics space to support the current contingency measures. The Government of Poland has announced the provision of a $51.5 billion rescue package designed to shield the economy from the impact of COVID-19 which includes payments of portion of salaries for businesses affected by trading restrictions and a temporary suspension of the Sunday trading ban.Redefine is pleased to report that the introduction of an equity partner into its Polish logistics operations successfully closed on 10 March 2020. Management continues to make positive progress on the various initiatives to reduce the LTV ratio, whilst building capacity to absorb any negative LTV triggers arising from the current environment.Redefine's purpose-driven strategic approach remains highly appropriate for this environment and its diversified property asset platform is robust and well-positioned to withstand prevailing market conditions.#content ol li {list-style:unset !important;}

Additional measures implemented in response to COVID-19
17 March 2020

Dear Tenant, Following the cabinet’s declaration of a national disaster in response to the outbreak of COVID-19, we want to advise you of further steps we are taking to mitigate the risks posed by the virus. Dedicated task teamA dedicated task team has been established at Redefine to ensure a co-ordinated response across the business. The team is tasked with developing and implementing the necessary measures to address COVID-19.Stricter cleaning and disinfecting protocolsWith immediate effect, we are introducing more stringent cleaning and disinfecting protocols in the common areas of our properties as part of our broad approach to preventing the transmission of COVID-19. These measures include additional cleaners with specific job descriptions to support regular staff in the intensive cleaning of surface areas that are subject to continuous human contact. The surfaces we are focusing on include, but are not limited to, the stair and escalator handrails, lift buttons, biometric security, door handles, guest relation areas, parking machine equipment, reception desks and common pause area furniture.Provision of hand sanitisersHand sanitisers will be located at strategic positions within the common areas in our malls and the reception areas of our office buildings. Hand sanitisers are recommended by the World Health Organisation (WHO) and the Centre for Disease Control (CDC) and endorsed by the local health authorities as part of preventative protocols where soap and water are not available.Adjusted security protocolsOur security protocols have been adjusted to prevent the potential spread of the virus. These measures include guests holding their driver’s license for scanning, guest books being completed by security staff, and biometric access will be turned off or replaced by card readers where practically possible.The health and safety of our customers, tenants and employees remains our highest priority. We will continue to monitor developments both locally and abroad to ensure that we are doing all that we can to curb the spread of COVID-19. We would also like to direct your attention to our earlier communication attached hereto, which highlighted the immediate steps we must all to take to prevent the spread of COVID-19.Once again, we would like to emphasise that if you suspect that you or anyone in your premises may have contracted the virus, please immediately make contact with the National Institute for Communicable Diseases (NICD) on their National Public Hotline 0800 029 999.Should we at Redefine become aware of a confirmed case associated with any of our properties, we shall take guidance from the authorities and immediately implement any required protocols. This is an evolving situation, and we will keep you updated with any changes as we align ourselves with the recommendations of the relevant authorities.We fully support the call from our President for each of us to do our part and we believe that by working together, we can all be part of the solution to deal with COVID-19.Regards, General manager: Redefine Properties 

Redefine implements stricter cleaning protocols at its malls in response to COVID-19
17 March 2020

Johannesburg, South Africa - 17 March 2020: JSE listed diversified real estate investment trust Redefine Properties will introduce stricter cleaning and disinfecting protocols at its retail properties as part of a broad approach to preventing the transmission of COVID-19. The sector came into focus as the President called on all industry players to bolster hygiene at retail establishments following Cabinet’s decision to introduce wide ranging curbs to mitigate the risks posed by the virus. Redefine is following strict procedures for routine cleaning and disinfecting. It has added extra cleaners with specific job descriptions to support regular staff in the intensive cleaning of surface areas that are subject to continuous human contact, including but not limited to, stair and escalator handrails, lift buttons, biometric security, door handles, guest relation areas, parking machine equipment and common pause area furniture. As part of its plan, Redefine has increased the frequency with which it cleans its facilities in all common areas and will provide hand sanitizers at strategic positions within the common areas in malls and the reception areas of office buildings where practical.Hand sanitisers are recommended by the World Health Organisation (WHO) and the Centre for Disease Control (CDC) and endorsed by the local health authorities as part of preventative protocols. “Our efforts are guided by the local health authorities and best practices. The health and safety of our customers, tenants and employees remains our highest priority,” says Scott Thorburn, General Manager inland for Redefine Properties. The CDC prioritises the use of soap as a front line defence against the spread of the virus and recommends washing hands with soap and water as the best way to clean hands. If soap and water are not available, using a hand sanitiser with at least 60% alcohol can help according to the CDC. The CDC and the WHO recommend several basic measures to help prevent the spread of Covid-19: Wash your hands often for at least 20 seconds. Cover your cough or sneeze with a tissue, then throw the tissue in the trash. Clean and disinfect frequently touched objects. Stay home when you are sick. Contact the clinic if you have symptoms; fever and a dry cough are most common. Avoid touching your face. Do not travel if you have a fever and cough.“We have been monitoring the developments surrounding COVID-19 and communicating with the Centre Managers across our retail portfolio. All our managers are empowered to make decisions necessary to best ensure the safety of everyone in the community,” adds Thorburn. “We share in the concerns of all South Africans and request all to follow the guidelines as recommended by the Ministry of Health and take their own measures to protect themselves, including frequently washing hands, covering their mouths when coughing and sneezing, staying home if unwell and practicing social distancing.” 

Coronavirus | Initial communication and practical precautions
13 March 2020

As you are no doubt aware, the spread of the coronavirus (COVID-19) remains a global crisis. While there have been a limited number of confirmed cases in South Africa, we recognise the uncertainty and concern that the spread of the virus is causing. At Redefine, we are committed to addressing the risk responsibly and as best we can through appropriate communication and action to limit the spread of the virus.Our stance is to align ourselves with the initiatives implemented by both the South African Government as well as the World Health Organization (WHO) and the National Institute for Communicable Diseases (NICD) to stem the spread of the virus, the cornerstone of which hinges on sensible protection measures, including: Wash your hands frequently: Wash your hands regularly and thoroughly with an alcohol-based hand sanitiser or soap Maintain an appropriate social distance: Keep at least 1 to 2 metres between yourself and people who are coughing or sneezing Avoid touching your eyes, nose and mouth: Your hands can transfer viruses from surfaces you may have touched that could be contaminated Practice respiratory hygiene: Cover your mouth and nose with a bent elbow or tissue when coughing or sneezing, and immediately discard any tissues used Avoid large public gatherings and limit travel: Avoid non-essential travel, especially to areas where the virus is widespread. Consider limiting large public gatherings as this could increase the risk of infection Seek medical care: If you or a member of your team feels unwell, please stay at home and seek medical attention for a fever, cough or difficulty breathing. Make sure to call in advance to ensure you visit the right facility and prevent the spread of the virus Keep yourself, and those around you, informed: For up to date information, including travel advice and other questions, consult the dedicated WHO and NICD websites.It is also important to note that these measures are interim in nature and will be updated to align with the recommendations from the relevant authorities. If you suspect that you or anyone in your premises may have contracted the virus, please immediately make contact with the National Institute for Communicable Diseases (NICD) on their National Public Hotline 0800 029 999. The wellness and safety of our tenants, visitors, shoppers and employees remains a priority. Should we at Redefine become aware of a confirmed case associated with any of our properties, we shall take guidance from the authorities and immediately implement any required protocols. With immediate effect, we are increasing the frequency of our cleaning and sanitising regimes in all our properties and we strongly recommend that you do the same within your leased premises especially in high volume traffic areas. At present we continue to operate as normal. Further recommendations will be communicated. We also advise you to review your health, wellness and leave policies – and to communicate your plans to your employees as soon as possible. While we fully understand the threat posed, we believe that by working together, we can be part of the solution to this crisis.  Regards, General management department: Redefine Properties 

Overall risk environment ‘has heightened’, but Redefine set to reap rewards from disposal of non-core assets
24 February 2020

Johannesburg, 24 February 2020 – While the overall risk environment has heightened since last year, a strategic focus on balance sheet management and a relentless pursuit on delivering sustained value is providing Redefine with a buffer against the economic challenges. Weak business sentiment, ongoing load-shedding, “confidence-zapping” policies and uncertainty about prospects are combining to constrain domestic growth prospects and impact the outlook for the local property sector, says Redefine CEO Andrew Konig. In his pre-close presentation made available to investors today, Konig said global macroeconomic and political uncertainty, the impact of the coronavirus and climate change risks, are among additional factors weighing on prospects. “A robust balance sheet remains a critical lever to absorb the risks as weak local property fundamentals are likely to prevail in the medium term and growth prospects to remain tepid due to Eskom risks, a slow reform agenda and the weak global environment,” he says. “We have adopted a purpose-driven strategic approach, which is highly appropriate for this environment. Redefine is on track to deliver sustained value, while ensuring it is well insulated from the storm,” emphasises Konig. Distributable income per share for the 2020 financial year is set to be between 5% to 7% lower than 2019, given the weak global and local economic backdrop and with recycling activities having a dilutionary effect on current year earnings. “Our emphasis on managing and improving recurring income streams continues, with non-recurring income being phased out. We have also embarked on a process to dispose non-core assets, which is a key pillar in our plan to lower our loan to value ratio,” he says. Solid progress has been made to date on disposals and most transactions are expected to be implemented before year end. This process will also simplify and streamline the investment property asset platform, allowing for enhanced management focus. Total non-core asset sales across the total portfolio are targeted at R8 billion. The transfer of local property assets for sale, the disposal of a 48.5% interest in European Logistics Platform, and the disposal of interests in student accommodation are among the major sales of non-core assets currently on the agenda. Redefine FD Leon Kok says while Redefine’s loan-to-value ratio was 43.9% at the end of August last year, the disposal activities will see this drop to below 40%, with head room to absorb potential adverse loan-to-value triggers. “We are focusing on what matters most to deliver sustained value to all our stakeholders,” he says. Kok also points out that the recent move to adopt a dividend payout policy ratio to fund operational capital expenditure resulted in R200 million of the 2019 distributable income being retained. Redefine’s commercial portfolio, meanwhile, remains firmly focused on retaining existing tenants and reducing vacancies through continued leasing campaigns, direct canvassing and relationship building with broker houses. While Redefine is concerned about the trading performance and valuations of regional and small regional shopping centres, its retail unit is focusing on several strategic initiatives to stay a step ahead. These include tenant retention and vacancy reduction in order to counter the impact of rental reductions, a further reduction of space with Edcon, driving sales growth to support rentals, innovative entertainment offerings and the roll-out of minor capex refurbishment projects. Among positives, Rosebank Link – reached full occupancy in January 2020 and WeWork at 155 West Street opened in December 2019, with two floors already occupied. “In this challenging trading environment, it is important to get the basics right, while limiting speculative capital expenditure, and this is exactly what we are doing. We will continue to target organic growth and take advantage of opportunities as they arise, we are also focusing on delivering sustained value while ensuring we weather the economic storm,” concludes Konig. 

Redefine Properties announces the transition of Leon Kok from FD to COO
18 February 2020

Johannesburg, South Africa – 18 February 2020: JSE listed diversified real estate investment trust (REIT) Redefine Properties’ today announced that Leon Kok will transition from his current role as financial director to chief operating officer when incumbent David Rice retires from the company on 31 August 2020.In the interim, Leon will continue in his current role responsible for all aspects of finance, legal, information technology, human resources and regulatory compliance and support the CEO’s office in corporate activities. The succession, which will take effect 1 September 2020, will see Leon step down from the board of directors as well as the financial director role.Speaking on the appointment, Andrew Konig, CEO, Redefine Properties says, “Leon’s depth of business knowledge and industry experience makes him an outstanding choice to take over the COO’s role. Given the environment in which we are operating, Leon is the right person at the right time to succeed David.”“The appointment was strategic as it allows us to retain institutional experience and ensure a seamless handover to a trusted pair of hands with a deep understanding of Redefine’s strategic priorities.” “With the economy in a low growth trap and many market indicators at their lowest level in several years, his contribution in his new role should prove to be invaluable as we stay on course to fulfil our commitment to building a quality, diversified portfolio to ensure sustained value creation for all our stakeholders.”In his new role, Leon will be responsible for all aspects of asset and property management and general administration of the property portfolio.“I am looking forward to working with the team and supporting and shaping the next stage of our growth," says Leon.“The biggest issue right now is the downshift in global markets from geopolitical issues and the impending elections in the US. The prospects of any rebound are being dampened by the unfortunate outbreak of the Coronavirus and should cast a long shadow over the local economy. We have a job to do and that is to execute against our value creation strategy.” Redefine will commence with the recruitment process of a new FD in due course. According to Konig, filling the role of the FD is a strategic opportunity to further address diversity at executive level. Already, Redefine has one of the most transformed, diverse and empowered boards in the property sector.“Leon has been an important voice on our leadership team over the years. Given his background, the board has full confidence that he will strategically balance the operational and financial needs of the business,” says Konig in conclusion. 

Redefine Properties further enhances liquidity with sale of Strykow
03 February 2020

Johannesburg, South Africa – 3 February 2020: JSE-listed diversified real estate investment trust (REIT) Redefine Properties’ 95% owned European Logistics Investment (ELI) has concluded the sale of two A grade logistics warehouse buildings totaling 77 660sqm of GLA and development land suitable for construction of an additional warehouse of 22 407sqm GLA in Strykow, Poland to UK-listed Investment Trust Tritax EuroBox Plc for €51.8 million (approx. R844 million).  Redefine’s share of the gross proceeds is €49.2 million (approx. R802 million).  The sale of Strykow to Tritax EuroBox Plc is a precursor to the introduction of Madison as an equity investor into ELI.  Strykow, part of the European Logistics Platform portfolio, was ELI’s first development, with construction having started in the second half of 2018 and completed in February 2019. It is one of Poland’s largest logistics markets and is situated close to Lodz in Central Poland. Speaking on the transaction, Andrew Konig, CEO, Redefine Properties says, “The sale further advances Redefine’s stated intention to strengthen its balance sheet through the recycling of ELI’s first development at a substantial premium to its development cost. It also bolsters our liquidity and represents the raising of funding at a cost of 6.1%.” “Prior to our discussions with Madison for an equity stake in ELI, we received an unsolicited approach from Tritax EuroBox whose interest was to own our assets in Strykow. We elected to move forward with the sale of the entire property, which is a win for everyone involved as the deal is value accretive. Furthermore, the net proceeds, after settling debt of circa €22 million (approx. R359 million), of the sale will flow back into the country.” “The development was originally approved at a yield of 8.0%. The disposal of the property at a net investment yield of 6.1% compares favourably to prevailing market yields and shows a strong appetite from investors for Polish logistics investments,” adds Konig. 

Redefine Properties strengthens its balance sheet with value-enhancing Madison International Realty equity deal
21 January 2020

Johannesburg, South Africa – 21 January 2020 - Listed diversified real estate investment trust (REIT) Redefine Properties (JSE: RDF) is strengthening its balance sheet and enhancing its logistics platform in the fast-growing Polish market through the introduction of leading international real estate private equity firm, Madison International Realty (Madison) as an equity investor.In terms of the deal, announced today and expected to be finalised by the end of February, Madison is acquiring a 46.5% equity stake in Redefine’s Polish logistics platform held through European Logistics Investment (ELI). As part of the transaction, Griffin Real Estate who own 5% in ELI will acquire a further 2% from Redefine on the same terms as Madison, leaving Redefine with a 46.5% equity interest. The transaction is in line with Redefine’s stated intention to introduce a high-quality international equity partner to strengthen Redefine’s balance sheet and continue to expand its Polish logistics platform.The platform comprises 19 assets totaling around 560,000 sqm, with 80,000 sqm nearly completed and an additional development pipeline of 270,000 sqm to be started once pre-leases are secured. The completed properties are around 95% occupied and spread across the key distribution hubs of Poland in Warsaw, Lodz, Krakow, Silesia, Pomerania and Poznan regions and developed to a high technical specification.The Polish logistics market is poised to continue to grow as a key logistics hub for international e-commerce players, as well as an increasing number of manufacturing companies establishing their operations in Poland.As part of the transaction, Madison will provide a €150 million (approximately R2.4 billion) commitment to ELI, of which €83.7 million (approx. R1.3 billion) will be used to acquire their share of the existing assets and developments in progress while leaving a commitment of €66.3 million (approx. R1.1 billion) to expand the portfolio over the next three years. In terms of the deal Redefine will match Madison’s equity commitment of €66.3 million. Panattoni Europe, a market leading European logistic developer, is a co-manager of the platform.Andrew Konig, CEO, Redefine Properties, says, “The deal fits perfectly with our investment strategy and provides us with an opportunity to reduce our loan to value ratio. It also means we are able to source additional, well priced capital in order to secure the exclusive priority right to development opportunities with Panattoni over the next three years.” “The focus for 2020 firmly remains on asset quality, offshore expansion through development activity, notably through ELI and leveraging opportunities to participate in a broader, more diversified portfolio of logistics assets. We are delighted to be working with Madison in the heart of CEE’s most attractive real estate market.” Redefine will realise €87.2 million (approx. R1.4 billion) from this transaction of which €14.7 million (approx. R235 million) will be surplus cash after reinvestment in ELI to the tune of €72.6 million (approx. R1.2 billion) – comprising the equity commitment of €66.3 million and completing existing developments in progress totaling €6.3 million (approx. R101 million). “The JV with Madison enables Redefine to continue to benefit from the priority right development pipeline with Panattoni. By co-investing with Madison, over the next two to three years, ELI will have access to sufficient capital (€148.7 million) for its logistic platform portfolio to grow to a sizable scale (increasing from 560 000 sqm to circa 910 000 sqm in gross leasable area) and benefit from attractive development yields and low cost of European debt funding,” adds Konig. “In attracting this level of commitment from Madison, we’re continuing our track record of speed and agility in both sourcing capital and building a diversified and significant logistics platform, improve letting and capital value appreciation, as-well-as realisation of value prospects,” says Konig. “This transaction clearly demonstrates that Redefine is on course to reduce balance sheet risk while continuing to deliver sustainable quality earnings, as well as alleviating investors’ apprehension around liquidity.” The final closing of the transaction is targeted for end February 2020 and is conditional upon Polish regulatory clearance.

Redefine harnesses purpose-driven strategy to protect balance sheet as it lifts full year distribution per share by 4% to 101 cents a share
04 November 2019

Johannesburg, South Africa – 04 November 2019 – Listed real estate investment trust (REIT) Redefine Properties (JSE: RDF) has lifted its full year distributable income by 4% to 101 cents per share for the year ended 31 August 2019, with total group assets exceeding R100 billion for the first time. It is also the first time that full year distribution per share has breached the R1 level. Redefine continues to benefit from a well-diversified portfolio and expansive geographic footprint, with the contribution from international property investments rising to 26.8% this financial year from 24.0% of distributable income last year. The company, which manages a diversified property asset platform of local and international investments, expanded property assets under management to R95.4 billion from R91.3 billion during the previous year, while international real estate investments now make up 23.7% of the portfolio, from 20.7% before. Redefine expects property fundamentals to remain weak over the medium term, with risk events like load shedding adding to the uncertainty. “Interesting and volatile times are here to stay, and we need to make the most of the resultant opportunities. We are living in a world of costly capital and Redefine is therefore focusing on reducing balance sheet risk while still delivering sustainable quality earnings,” says Redefine Chief executive officer Andrew Konig. During the year, Redefine managed to improve total tenant retention to 93.3% from 90.4% in 2018, while its active portfolio occupancy was maintained at 94.9%. According to Konig, the focus for 2020 will be on asset quality, offshore expansion through development activity – notably through expanding the group’s European Logistics Platform – while taking action to restore the value of under-performing assets. “We have to still grow where we see opportunities and not halt investment. However, we need to be more discerning and selective with our capital allocation and pro-actively seek out recycling opportunities for our non-core assets,” he says. In a move to build a sustainable capital structure, Redefine has introduced a dividend pay-out policy to add another source of funding, which aligns to international REIT best practice and is pitched at a level that poses no tax leakage. With a 6-month dividend of 48.1 cents a share being declared, the pay-out policy amounts to 93% of distributable income, which is a retention of around R200 million in cash to fund operational capital expenditure. “This goes to the heart of sustainability as there is no distress on the business and the cash will fund capital expenditure to maintain operations, giving us an efficient additional source of funding, while also preventing potential tax leakage which could occur in the hands of shareholders if this amount was rather declared as part of the dividend and re-invested as equity,” explains Redefine Financial Director Leon Kok. During the year, R6.9 billion was deployed into property assets, with local development activity totalling R2.4 billion. Offshore expansion totalled R4.3 billion, with R3.6 billion invested in Poland. At the same time, 17 properties with gross leasable area of 160 076sqm, which no longer served Redefine’s investment criteria, were disposed of to various buyers for an aggregate consideration of R1.0 billion, at an average yield of 8.2%. According to Kok, the average cost of debt is now 5.8% from 6.3% a year ago, while interest rates are hedged on 87.3% (FY18: 81.2%) of total borrowings for an average period of 2.9 years. Environmental impact remains a key theme, and during the year carbon emissions savings from Redefine’s solar installations equated to taking around 6,300 passenger cars off the road. Despite the challenging trading environment, Redefine expects to deliver distributable income per share similar to that of 2019 for the 2020 financial year, and anticipates the pay-out policy to be maintained at a similar level. While Redefine’s legendary founder Marc Wainer retired in August, Redefine has also zeroed in on improving board independence, with the appointment of Daisy Naidoo as an independent non-executive director adding to its diversity and skills base. 50% of the board is now female and 88% of the non-executive directors are independent. “We are living our values to protect and grow our reputation in pursuit of living our purpose to create and manage spaces in a way that changes lives. We continue to place people at heart of everything we do, which will stand us in good stead when the cycle does turn” concludes Konig. 

Redefine rakes in accolades at the Footprint Marketing Awards 2019
22 October 2019

Rosebank, South Africa – 22 October 2019: JSE-listed diversified Real Estate Investment Trust (REIT) Redefine Properties has announced that its recently renovated Centurion Mall, and its newest retail property, Kyalami Corner, both won Gold at the Footprint Marketing Awards 2019. Centurion Mall’s efforts in digital marketing and the latter’s sales promotions and events won the accolades for Redefine.Redefine also took home one Silver and eight Bronze medals across categories like Community Relations, Public Relations and Category Integration, amongst others, ending the evening with a rich haul of 11 medals.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 the Cape Town International Convention Centre.All Gold SACSC Footprint Marketing Awards are automatically entered into the International Council of Shopping Centres’ VIVA Awards.“Our properties are more than just shopping centres; they are avenues for meaningful conversations with the communities. We remain committed to leveraging the spaces we manage, to change the lives and the future of the people and communities around them. The awards demonstrate our continued passion to find ways to engage and build audiences for our retail properties,” says Marijke Coetzee, Head of marketing and communications, Redefine Properties.Centurion Mall, which took Gold for its chatbot, recently underwent a comprehensive R1.06 billion refurbishment and, at a gross lettable area (GLA) of 130 000sqm, is Redefine’s biggest retail property. In line with trends of offering experiences over shopping trips, the Mall’s new open-air design concept, comfortable interiors, additional retailers and revamped movie theatres are among the many changes that are contributing to the growing number of loyal fans.The chatbot is an automated online assistant which helps consumers resolve queries on the centre’s website. Centurion Mall is the first mall to implement this in line with future trends.The trendy Kyalami Corner shopping centre, which opened in April 2017, perfectly responds to the retail, lifestyle and social requirements and aspirations of the Kyalami neighbourhood and surrounds. The elegant, energy-efficient design also complements the natural, equestrian environment and character of the area.The centre took Gold for its initiative, “Where we make traffic fun.” The roadworks in the vicinity of the mall caused heavy delays and slow-moving traffic. Redefine decided to make it fun for motorists sitting in traffic and handed out gifts on a weekly basis to motorists whilst entertaining them in traffic. Motorists were encouraged to post their gifts and pictures on social media to stand a chance to win additional vouchers to redeem at the various stores at the centre.

David Rice, COO, Redefine Properties set to retire in August 2020
14 October 2019

Johannesburg, South Africa, 14 October 2019: JSE-listed diversified Real Estate Investment Trust (REIT) Redefine Properties today announced that its Chief Operating Officer, David Rice, will retire on 31 August 2020, after more than a decade of service. A veteran with over 30 years of experience in the property sector, Rice joined Redefine in 2009, becoming its COO in 2011. His current responsibilities include all aspects of asset management and general administration of the property portfolio. Rice, a senior member of the executive team, has also been responsible for helping to drive leasing and asset improvement goals for the company. Prior to this, he was the Managing Director of ApexHi Properties Limited from 2006 until the merger of Redefine, ApexHi and Madison Property Fund Managers Holdings Limited. To ensure business and operational continuity, and enable a structured handover, the search for his replacement has begun in earnest. Rice's voluntary retirement date gives Redefine sufficient time to have the ideal candidate in office who pairs well with the company's culture and future priorities. "I have had the privilege of working alongside many incredibly talented people at Redefine, and I am proud of what we, as a leadership team, have accomplished together," says Rice. "Our unrelenting focus on building a domestic asset platform that sustains organic growth through continuous improvement, expansion and protection of our portfolio, as well as driving value from active asset management opportunities has positioned Redefine for success well into the future." The announcement clears the path for the succession processes to unfold as well as allow Rice to hand over responsibilities once the new COO has been appointed. The transitional period will help ensure that the transition is seamless. Redefine's succession processes are formulated in advance of an executive's departure to allow for a rigorous assessment of potential candidates. "Over the past decade or so, David has been integral to Redefine's success story. The board and the management team are grateful for his contributions and wish him well as he enjoys his retirement," says Andrew Konig, CEO, Redefine Properties. "A passionate advocate of using our spaces in a way that changes lives, David's strong leadership has helped shape our portfolio across all our sectors. David will continue to work with key partners and the leadership team until his retirement in 2020. We value his dedication to Redefine and its future." "I am excited about Redefine's future and committed to using the coming months to ensure a smooth transition, and to support this great team as they take the company forward," concludes Rice. "I have been fortunate during my career at Redefine to have worked with a highly motivated and professional team for whom I have great respect. I find reward in knowing that collectively, we have a built a solid foundation for the company's future."  

Redefine's Innovation Challenge shines for South Africa at Solal Marketing Awards 2019
11 October 2019

JSE-listed diversified real estate investment trust Redefine Properties' Innovation Challenge was an honouree in the CSI category at the recently concluded International Council of Shopping Centers' Solal Marketing Awards 2019 in London. The awards showcase the very best of retail marketing across Europe and South Africa, recognising best practice, and rewarding the most effective campaigns in the industry. The Innovation Challenge which was launched at Maponya Mall in Soweto was the only South African campaign honoured this year. The Solal Awards are recognised as a benchmark of quality throughout the industry and in 2019 welcomed 164 entries from 22 different countries. Launched in October 2018, the Innovation Challenge is a national competition developed by Redefine Properties inviting the general public to submit innovative ideas relevant to the property industry. Ideas with potential to revolutionise either retail, commercial or industrial space, enhance business opportunities and customer experiences, uplift communities and their integration in respect of any of the spaces and that embraced technology were considered. In its first year, the competition attracted over 1250 entries from across the country. Marijke Coetzee, Head of Marketing and Communications, Redefine Properties says, "In an ever-changing business environment further accelerated by the advent of the 4th Industrial Revolution, we realise that, in order to remain relevant, we need to embrace change. The Innovation Challenge helps us to identify young individuals who have the ideas that will future-proof our malls and to uplift and support them to become our future tenants, suppliers or even employees". "We are looking for ideas which have the ability to fundamentally improve people's lives." Cash4Trash, an income generating recycling concept powered by vending machines won the first prize at the Innovation Challenge. Entrepreneur Mary-Ann Mandishona who floated the idea won R1 million in prize money for her efforts and an 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 Innovation Challenge at the core is an endeavour to build a bridge to the communities that surround us. It encourages engagement, helps our efforts to manage spaces in a way that changes lives and most importantly provides a platform to boost entrepreneurship," says Coetzee in conclusion.  

Founder Marc Wainer retires from Redefine Properties
30 August 2019

Johannesburg, South Africa, 30 August 2019: JSE-listed diversified Real Estate Investment Trust (REIT) Redefine Properties today announced that its legendary founder and pioneering property investor and developer Marc Wainer retires from the company at the end of August 2019.    An astute deal maker, Wainer held sway on the markets and the city’s skyline, taking Redefine Properties from humble beginnings to a listing, and building it into one of SA’s largest, and most respected, real estate companies. Today, Redefine has a market capitalisation of R46 billion and is included in the JSE Top 40 Index. In line with Redefine’s stated intention to create value through good governance practices and as part of its board succession plan Wainer, 70, had stepped down as Redefine's executive Chairman in May, handing the chairmanship of the company he founded in 1999 to businessman Sipho Pityana. Wainer has been instrumental in transforming Redefine Properties into a global REIT with interests in commercial property diversifying into new markets such as Poland, United Kingdom, Germany and Australia and alternative investments such as student accommodation. Under Wainer’s tutelage, Redefine’s asset platform surged from a modest R1 billion in 1999 to almost R100 billion today thanks to a string of major deals, innovative developments and active asset management initiatives. "Looking back, I’m proud of what we have accomplished as a team. I am confident that Andrew Konig, CEO, and the executive leadership team will be able to navigate Redefine in the current environment," says Wainer. "My time at Redefine has encompassed some of the most rewarding experiences of my life. One of the things I am going to continue to do is be involved in mentoring. Corporate SA is missing the greatest opportunity in building the next generation of leaders. The Mentorship Challenge showed that mentoring is one of the greatest gifts you can give people and I will make sure I am available to those who need me.""Following the loss of my beloved wife, Lesley, I have reassessed my priorities and want to give-back by playing a broader, independent role in the property sector but will be available to Andrew and the team at Redefine in an advisory capacity". Wainer served in various roles, including CEO, executive chairman and more recently executive director, as-well-as serving as a director on several listed local and international property company boards. Going forward, Wainer plans to pursue outside interests including a private property fund to take advantage of trading opportunities in Europe, particularly eastern Europe. Wainer is also keen to share his experience in the sector by consulting widely on property matters to the broader industry as well as be available as a speaker to forums that will benefit from his insights.  “Marc’s guidance, instincts and inspiration lifted Redefine as a team to achieve what we have and who we are today. We stand on Marc’s giant shoulders to take Redefine forward.  We are privileged to have had Marc as a leader and a mentor, but more importantly as a friend and we look forward to being part of Marc’s new journey,” adds Andrew Konig, CEO.  Despite a challenging environment, Redefine has continued to progress its strategy to build a quality, diversified asset platform that will create sustained value for all its stakeholders over the long-term. "I would like to take this opportunity to thank everyone at Redefine Properties, both current and ex-employees, our shareholders, the executive leadership team and the board for their confidence and continued support in our mission to be one of the best performing REITs. Your selfless contribution to our success and particularly mine remains a high point of my career. I look forward to continuing to see the company grow and lead the market," says Wainer in conclusion.