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Redefine appoints finance director, seeks new debt

Redefine International is seeking up to £130m of debt to refinance its current facilities. The UK REIT is looking to take advantage of record low interest rates, particularly in Germany, to refinance its European and UK portfolios.

Redefine International is seeking up to £130m of debt to refinance its current facilities.

The UK REIT is looking to take advantage of record low interest rates, particularly in Germany, to refinance its European and UK portfolios.

Stephen Oakenfull, deputy chief executive at Redefine, said: “There are some very efficient rates in both the UK and Germany and we’re looking closely at our debt refinancing rates with £50m due [to mature] in 2017 and £80m due in 2018.”

“We’re speaking to some banks but we’re a FTSE 250 company now so the world’s debt capital markets are open to us as well,” said Oakenfull.

The company reported a profit of £21.4m for the six months to 28 February 2015 up from £17.9m from the previous period. It reduced its overall LTV from 48% to 45% mainly due to portfolio disposals and it had £71m of cash which would be used to fund acquisitions, said Oakenfull.

Donald Grant
Donald Grant

The company, which is listed in both the UK and South Africa has appointed Donald Grant of Capital & Counties to be its new finance director.

Greg Clarke, chairman of Redefine, said: “Donald will bring a wealth of relevant experience to Redefine International, coming from a strong real estate background and having had a long career within the financial industry in global organisations.”

Grant replaces Andrew Rowell and will start in August.

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