Redefine completes acquisition of UK shopping centre

Redefine International (RPL)‚ which has a primary listing on the London Stock Exchange and a secondary listing on the JSE‚ has completed the acquisition of the Weston Favell Shopping Centre‚ in Northampton in the UK‚ for GBP84m‚ the company said on Thursday, 12 December 2013.

Source: www.westonfavellshopping.com

Weston Favell is an enclosed shopping centre situated on the edge of Northampton. The property comprises about 307‚763 square feet of retail accommodation arranged over two floors with 1‚150 free parking spaces. Anchored by one of the largest Tesco Extra supermarkets in the UK‚ the centre has 56 retail units and seven kiosks let to various national and local retailers‚ producing a net rental income of GBP6.4m a year.

"Delivering a net initial yield (after acquisition costs) of 7.2%‚ this shopping centre provides strong income whilst presenting a number of asset management opportunities‚" Redefine International CE Mike Watters.

Redefine International started trade as a UK real estate investment trust (Reit) on both the London Stock Exchange and JSE earlier in December.