New REITs join the ranks
The listed property market in Europe added a few REITs at the end of 2013.
In the United Kingdom, Redefine International converted to a UK-REIT in December. The company has a market capitalisation of approximately £580 million (€702 million) and total assets valued at £1.06 billion (€1.3 billion), as at 31 August 2013. Redefine focuses on office, retail and hotel properties in the United Kingdom and continental Europe, primarily Germany.
“Becoming the UK’s newest REIT, with a simplified structure, should enhance both the liquidity of our shares and the company’s ability to distribute optimal returns for shareholders,” comments Greg Clarke, chairman of Redefine International.
Following the conversion, Redefine completed the acquisition of a UK shopping centre, Weston Favell Shopping Centre in Northampton, for £84 million (€102 million).
Also in th