Redefine Properties, the second-largest local listed real estate group, has been forced to sell a chunk of assets to decrease its debt, which has created opportunities for smaller funds.
The company, which has a portfolio of investments worth more than R95bn, has put R8bn worth of properties, or 8.4% of its asset base, up for sale. It wants to bring its loan-to-value from 43.9% to below 40% and to raise more cash so it can manoeuvre through a weak economy.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: