A diversified property asset platform
We manage a diversified property asset platform with a value of R72.7 billion, comprising local and international property investments. Our objective is to generate the best possible risk-adjusted returns from our portfolio and to maintain a strong bias towards predictable income streams.
To achieve this, we aim to maintain a portfolio that offers growth potential, but also provides a balance between defensive investments and assets that can be improved with active asset and value-added development management.
We’re continually improving the quality of our core property portfolio by developing world-class spaces, acquiring properties in line with our strategy and refurbishing existing spaces to keep them modern and relevant. Redefine focuses on securing fully repairing leases with tenants, which allows us to service them fully. For our investors and our business, this approach offers cash flow comfort and lower vacancy rates.
To view our property portfolio, download a schedule of our retail, office or industrial properties below. For further information, please email email@example.comFor a complete list of properties (Retail, office and industrial) | click here
Redefine proactively acquires, develops and maintains a top quality portfolio of retail properties to meet the demand of top retail tenants. Our flagship shopping centres include the likes of Centurion Mall, Blue Route Mall and East Rand Mall, to mention a few.
Redefine’s office properties are situated in prime nodes, geographically spread across South Africa’s major metropolitan areas, and are substantially let to blue-chip tenants. Driven by demand and opportunity, we develop innovative, operationally efficient and cost-effective environmentally friendly buildings to realise further value.
Redefine has a diversified industrial property portfolio, offering a broad spectrum of usable areas to cater for manufacturing, warehousing and small to medium-sized enterprises. This balanced sub-sector spread continues to enhance Redefine’s defensive property asset pool, while we continue to monitor sector trends to capture opportunities as they arise.
We continue to pursue creative and opportunistic investments where we believe value can be unlocked. High-return investments represent Redefine’s diversification into higher-yielding assets outside the traditional sectors, i.e. student accommodation, loan funding to joint venture partners and residential conversion of secondary properties.
Unlocking value in student accommodation
Student accommodation is a new asset class for Redefine and, while it is still small, exposure is likely to increase, with our ultimate intention to list it as a specialist play. There remains a huge undersupply – resulting in a massive demand for student housing. For Redefine, in particular, it provides an opportunity to recycle well-located secondary offices. Our exposure to student accommodation is only through our 51% holding in Respublica, a company that specialises in the development and management of student residences.
Capturing opportunity through locally listed securities
Our local listed securities have a portfolio market value of R2.1 billion and, for the most part, have been acquired through recycling activity. These investments remain opportunistic and not necessarily long term in nature, and are available to support liquidity as the need arises.
Extracting value through additional opportunistic investments
While we pursue opportunities to enhance our income, we continue to comply with REIT status limits on non-property income.
Opportunistic investments include:
- Loans of R0.9 billion to joint venture partners
- Solar PV projects totalling R68 million in progress and new developments incorporating solar PV
- Non-GLA income opportunities to be exploited – such as connectivity and in-mall media
Non-GLA income – Thinking outside the GLA box
In a challenging macroeconomic environment, creativity is key. By capitalising on alternative revenue streams in the non-GLA space, we are able to grow our revenue in a new way.
Non-GLA income refers to the income we can derive from spaces within our portfolio that do not form part of our typical revenue streams. This includes promotional courts, kiosks, pop-up stores, in-mall media, exterior media, digital media, exhibitions and entertainment, fibre, connectivity, wi-fi, rooftop management and innovation.
Alternative media campaigns can add significant value to a site that goes beyond the direct financial revenue generated. Shoppers expect a brand experience in a mall. Furthermore, larger brands are looking for fresh ways to entertain and engage consumers. Creative campaigns can meet this need, adding atmosphere and design appeal to a building. This, in turn, influences customers who may dwell longer, and the advertising, which is ideally located close to point-of-sale, will often prompt shoppers to buy. In-mall campaigns and exhibitions may even attract new visitors to a mall – increasing mall exposure.
Retail is not the only place where opportunities for non-GLA income exist, however, as office and industrial buildings also offer excellent space for signage. In addition, we have seen tremendous potential and additional revenue by installing central fibre infrastructure in key office buildings. We are then able to rent our infrastructure to tenants’ service providers to use, providing the fibre connectivity our tenants require while maximising our income and streamlining the provision of this essential service.
For more information | click here