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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EPP announcing it will postpone payment of previously declared dividend.Redefine’s previous distribution guidance withdrawn; to be revised to provide greater market certaintyJohannesburg, 23 March 2020 – Given the unprecedented and evolving market conditions brought about by the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. 

Redefine Properties appoints Daisy Naidoo as independent non-executive director
30 August 2019

Johannesburg, 30 August 2019 - In line with its stated intention of strengthening governance and board independence, broadening diversity and improving female representation on its board, JSE-listed diversified Real Estate Investment Trust (REIT) Redefine Properties (JSE:RDF) has appointed Daisy Naidoo as an independent non-executive director to the board of directors of Redefine (“the board”), with effect from 28 August 2019.A qualified Chartered Accountant (SA) with a Master’s in Accounting (Taxation), Ms Naidoo started her career at Ernst & Young in Durban and has subsequently held various positions at South African Breweries, Deloitte and Sanlam Capital Markets, where she headed up the debt structuring unit between 2008 and 2010. Ms Naidoo is currently an independent non-executive director of Strate Proprietary Limited, Hudaco Industries Limited, Mr Price Group Limited, Anglo American Platinum Limited, and Absa Group Limited. She is a facilitator for board evaluations performed by the Institute of Directors Southern Africa and is the chief risk advisor in respect of various mezzanine and renewable energy funds at Vantage Capital. Redefine’s gender diversity policy promotes a voluntary target of 40% female representation on the board over a three-year period, while the racial diversity policy promotes a voluntary target of 50% black representation on the board over the same period. Ms Naidoo’s appointment takes Redefine’s female representation on the board to 45% and black representation to over 60%. The board of directors of Redefine welcomes Ms Naidoo, and firmly believes her addition to the board broadens its skills-base and enriches its diversity. The board looks forward to her valuable perspectives and contribution. 

In pursuit of sustained value creation, Redefine is implementing strategies to strengthen its balance sheet
26 August 2019

Johannesburg, 26 August 2019 – Redefine Properties, which manages a diversified property asset platform of local and international investments, is relentlessly pursuing strengthening its balance sheet with a primary priority on right-sizing its asset footprint to its capital base in volatile global and local financial markets.Reducing the loan-to-value ratio to below 40% is in progress and will continue during 2020, as a number of initiatives are implemented.Redefine believes it can reduce the loan-to-value ratio without damaging the income earning base as it recalibrates to an environment of “scarce and costly capital”.“In order to drive sustained value for all stakeholders, Redefine will position its balance sheet to withstand the prevailing environment, as well as to conserve cash generated by operations for defensive capital expenditure, while at the same time driving innovative business projects to achieve a ‘future-proof’ property platform,” according to Redefine CEO, Andrew Konig ahead of the start of a pre-close investor roadshow.Redefine does not expect the recovery of the local economy to be a swift process. “We can expect it to take at least as much time to fix the economy as it took to damage it,” says Konig.Measures to strengthen the balance sheet include local property disposals in progress totaling R3.9 billion (with R3.3 billion closing in 2020), recycling of capital from non-core assets as opposed to raising expensive equity, introducing an equity investor into the European Logistics Platform, contemplating the introduction of a dividend pay-out ratio policy and generally taking action on destroyers of value.Redefine’s investment in UK-focused RDI REIT, the loan to Cornwall (Delta) and Oanda Wings are all in the crosshairs in the drive to eliminate any value destruction in the future.The measures being taken are not expected to have a negative impact on distributable income and Redefine remains on track to deliver distributable income growth per share in line with market guidance.Konig says introducing a distribution pay-out policy will align Redefine to international REIT norms, where distribution pay-outs generally range between 90% and 100% of distributable income. "To guide us on the proposed policy, an exercise is underway to establish the percentage of distributions that can be safely withheld before tax leakage is suffered," he says.At the same time, Redefine continues to build an asset platform that sustains organic growth through continuously improving, expanding and protecting its domestic portfolio, while recycling capital through the sale of assets at the end of their investment life cycle. Value will also be unlocked through active asset management opportunities in offshore markets."As the property sector recalibrates to an environment of costly capital, we believe that our purpose-driven strategic approach becomes increasingly relevant," concludes Konig.Redefine’s closed period commences on 1 September 2019 and its 2019 annual results will be released on 4 November. 

Library Park to benefit from Redefine’s public private partnership with City Parks
21 August 2019

Rosebank, Johannesburg – 20 August 2019: JSE-listed diversified Real Estate Investment Trust, Redefine Properties, has earmarked R2 million towards beautifying and upgrading the Library Park infrastructure in a major way. As part of Johannesburg City Parks and Zoo’s (JCPZ) commitment to maintaining Rosebank’s green beltways, Redefine Properties kickstarted work on the park in June 2019 and anticipates that the work will be completed over a period of three months.  This unique public private partnership with JCPZ will see Park Central’s Body Corporate maintaining the Library Park for a period of five years. The park lies in the shadows of Park Central, Redefine’s residential development in Rosebank. The beautification efforts include the removal of dying and damaged trees, planting of new trees, establishment of lawns and indigenous shrubbery, new irrigation systems, pedestrian walkways and additional lighting to enhance security. “Having a park in [the] midst of communities enriches lives. This blend of partnership, where we will continue to look after the park dovetails into our purpose of creating and managing spaces in a way that changes lives,” says Mike Ruttell, development director, Redefine Properties.“Rosebank is one of the fastest growing suburbs in the city attracting a large number of corporates as well as new residents due to its accessibility, well-developed transit network as well as the quality of life it affords. Once completed, the revamped Library Park will stimulate the local economy, enhance property values, instil a sense of civic pride and help attract new businesses.” Rosebank’s proximity to Sandton, Illovo as well as Melrose adds to the suburb’s appeal which is already an established landmark for its lifestyle opportunities. The Library Park adds to Rosebank’s growing reputation and will give the public access to park amenities.Improvements also include a new boundary fence along Keyes Avenue and the conversion of a redundant parking area to green landscaping. Picnic tables and benches are also being added.  A new pedestrian link to Rosebank Mall is being established via the southern end of the park. This aligns with JCPZ’s vision to pedestrianise Rosebank and to encourage the use of public open spaces by all who live, work and visit Rosebank.“This public private partnership with Redefine Properties is a win-win as it alleviates the pressure on JCPZ. There are a number of parks that need such level of investment and corporate commitment, and we are confident once the Library Park is opened it will serve as another  good case study of what can be achieved though like-mindedness,” says Louise Gordon, executive manager of business development, Johannesburg City Parks and Zoo.  "This partnership will not only restore the park infrastructure but also enhance our environment, introduce people to an outdoor and active life, while assisting the local economy.” 

Redefine’s Integrated Report ranks third in EY Excellence Integrated Reporting Awards
02 August 2019

02 August 2019: Our steadfast commitment to report our journey to deliver sustained value creation to all our stakeholders through a purpose driven strategy in a transparent and accessible way continues to receive recognition. After consistently placing in the top 10 in the EY Excellence in Integrated Reporting Awards since 2015, Redefine was awarded third place in the latest EY rankings of the top 100 JSE listed companies for excellence in integrated reporting.Our consistent achievement underscores the high value we place on monitoring, measuring and reporting on our environmental, social and governance obligations, demonstrating our integrated approach to making strategic choices to position Redefine to stay on course in our mission to deliver sustainable value. Redefine was the only REIT in the top 10. The purpose of the rankings is to encourage and benchmark standards of excellence in the quality of integrated reporting to investors and other stakeholders in South Africa’s listed company sector. The rankings are based on how well companies explain to stakeholders how they create value over time.For Redefine, the integrated report represents a necessary and useful tool to inform all our stakeholders about our economic, environmental and social performance. We are delighted that our efforts have resulted in this recognition which assures us that we are on the right track in realising our purpose, which is to create and manage spaces in a way that changes lives.By managing our ESG risks and opportunities we create value in the short, medium and long term and through our award-winning report, investors and stakeholders can easily assess our full impact, as-well-as get insight into what lies ahead. The accolade endorses Redefine’s leadership in sustainability reporting.  Our commitment to a strong framework of corporate governance and accountability has allowed us to be at the forefront of sustainable development and the adoption of progressive practices reflected in our social interventions like The Challenge Convention. 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. The integrated report provides a window to our holistic approach to sustainable value creation to all stakeholders.

Centurion Mall, Redefine’s largest asset after comprehensive refurbishment
24 July 2019

Centurion, South Africa, 24 July 2019: The JSE-listed diversified real estate investment trust Redefine Properties today announced the completion of the comprehensive R1.06 billion refurbishment of its retail property in Centurion CBD. The Centurion Mall’s footprint now sits at a gross lettable area (GLA) of 130 000 sqm making it Redefine’s biggest retail property in its portfolio. The total number of tenants at the mall is 216 anchored by Woolworths, Pick n Pay, Game, Dis-Chem and Checkers among fashion and home goods retailers. The super-regional mall is also lending its name to the office building formerly Lakeside Building A, which underwent renovations to the lobby and common areas. A new open air design concept, comfortable interiors, additional retailers and revamped movie theatres are among the many changes’ customers will experience at the refurbished Centurion Mall. The food and entertainment retailers, who occupy almost 10% of the mall’s total sales area will provide varied options besides shopping, making the mall a special attraction beyond usual shopping hours.The redevelopment spread over three phases saw the upgrading of the Checkers mall, which includes a Blue Label Checkers of 7 300 sqm in the final phase with a new H&M anchor store created at the Checkers entrance. The closure of Gordon Hood Road alongside the new entrance will add more parking in the future. The lower ground floor mall area nearest to the lake has been redesigned to incorporate a new food court anchored by established restaurants like O’Galitos, Spur, Ocean Basket and Mochachos with Fortune Dragon opening in September. The ground floor features a new Mugg & Bean and a new model Exclusive Books.  “People want malls to be more than just convenience. It’s not just about shopping, people by nature are social and consumer habits are changing resulting in a need to integrate their lives with a modern lifestyle. Similarly, people demand differentiation. Centurion Mall’s refurbishment was guided by these strategic insights which also informed our decision around the tenant mix,” says Nashil Chotoki, National Asset Manager, Retail, Redefine Properties.“Moreover, when you bring additional food and entertainment, shoppers want to spend more time at the mall and when they reward you with their time, it is only prudent that we give them a unique experience.”  The enhancements include upgrades to the walk ways which allow shoppers to access their favourite brands with ease with plans in place to add more plants and a shade structure for more comfort. A children’s play area, a sculpture park and the Planet Fitness gym rounds off the varied offerings.Centurion has quickly established itself as a prominent node and today ranks as one of the fastest growing urban areas in South Africa. Many of the country’s large blue chip corporates have presence in the node with residential property developments having mushroomed, expanding the city limits. Residents and office goers have the convenience of easy access to the N1, N14 and R21, OR Tambo International Airport as well as the Lanseria Airport. Furthermore, Centurion benefits from the Gautrain station stop making commuting relatively easy. The Centurion Mall Offices are situated within close walking distance of the Gautrain Centurion station, just off Gordon Hood Road, and easily accessible from both the N1 and N14 highways, using either John Vorster or Botha off-ramps. A bridge connecting the Centurion Mall and the Gautrain station is also under consideration.“We see a significant upside to adding the office component  and believe the newly-renovated premises will offer the absolute best location for corporates to experience the tremendous growth of the node as well as the rich amenities offered by the Centurion Mall,” says Chotoki.Earlier this month, Redefine and the City of Tshwane announced the start of the construction of the multi-million rand state-of-the-art taxi rank in the shadows of Centurion Mall. The taxi rank, funded by Redefine as part of its contribution to upgrading the mall’s immediate surrounds, will cover an area of approximately 10 000 sqm accommodating ranking facilities for 55 taxis as well as a holding area for an additional 100 taxis. The rank will be jointly operated by the Centurion Taxi Association and managed by City of Tshwane, Centurion Mall and the association. “Centurion Mall has established itself as a leading shopping and leisure destination with approximately 14.4 million visitors annually. The catchment area has an above-average purchasing power, including Pretoria which according to a report from the Brookings Metropolitan Policy Program is the fastest growing South African metro economy,” says Chotoki in conclusion. “Customers will find both, a good shopping experience and entertainment, thanks to the ideal and high quality tenant mix and the location’s easy accessibility. Furthermore, this refurbishment afforded us the luxury of opening up the space. The open air design now allows us to connect our shoppers to the natural green spaces around them.”Redefine will also look to create and manage a park like area adjacent to the lake.  

Redefine’s 155 West Street undergoes multi-million rand refurbishment
18 June 2019

Johannesburg, South Africa – 18 June 2019: The multi-million rand refurbishment of JSE listed diversified real estate investment trust Redefine Properties’ 155 West Street in Sandton has been completed. The R133 million refurbishment commenced during May 2018 and was completed on schedule in March 2019 representing the only refurbished A Grade office building of its scale to be delivered to the market in 2019 by Redefine.   Centrally located with easy access to major roads, 155 West Street offers tenants a prominent business address, central meeting facilities and open plan permitting high degree of space flexibility. The site is situated in close proximity to the Gautrain station, Benmore Centre, Virgin Active and Alice Lane Piazza all within a short walking distance.   Pieter Strydom, Asset Manager for Office, Redefine Properties says, “The property represented an excellent opportunity for Redefine to redevelop the premises to ensure it remains relevant in a challenging market where tenants are spoilt for choice. We believe we have succeeded in this goal due to the strong leasing interest. Combined with Redefine’s adaptability and ability to evolve to meet occupiers’ requirements, the building in a sought after node, should perform as expected.” “The refurbishment embodies the quality which is the hallmark of Redefine’s approach to office developments.” The property is already 60% let with WeWork, the global community company with operations in over 400 locations across 100 cities committing to 10 800 sqm while Jempster and specialist recruiter Robert Walters having signed leases for approximately 4 550sqm. WeWork forayed into Africa with Redefine’s Rosebank Link where it is set to open in July this year.    155 West Street’s new entrance is a striking lightbox doorway affording it a futuristic feel with the overhead roof garden completing the look. On entry into the building, tenants and visitors are greeted by an expansive, elegant atrium, where reception and waiting areas merge seamlessly with the surrounding landscape bringing serene green spaces to the doorstep of the building. The green spaces integrate naturally with the cycle paths and Gautrain bus routes that run past the building. A trendy street-side café separates the public and the office spaces.    The interior space is contemporary with new aluminium finish giving it a sleek look, further accentuated by natural daylight and unobstructed views on all four sides. Over the five storeys, the building provides for a multitude of tenant options from as small as 400 sqms of space that can be customised to requirements. The available space is further maximised through a shared reception and on demand executive boardrooms which can be booked through a central system. Tenant access is through a centralised circulation and service core that is separated from visitor access. This split access, with separate entrances and elevators, presents a dual benefit – tenants gain direct access to their offices, and security is heightened. The 26 500 sqm property in the heart of Sandton has dual access points, from Alice Lane and West Streets. The 1 024 parking bays, spread over four and a half levels of parking, provide five bays for every 100 sqm of usable space. Smart-traffic flow design enables the intuitive flow of traffic, from the moment of entry into the parkade, right through to the various entrances of the building, through a split access system. “Our intention with this refurbishment has been to deliver a fully customisable and intelligently integrated workspace with world-class business facilities and amenities that will appeal to all sectors of the office market. This strategic focus has created a truly unique product in lower Sandton’s office market and something we are excited to offer,” says Strydom in conclusion.