REDEFINE INTERNATIONAL PLC - Redefine International makes further progress on disposals with 26m sale of BMW showroom

Redefine International makes further progress on disposals with £26m sale of BMW showroom

REDEFINE INTERNATIONAL P.L.C.
(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
(“Redefine International” or “the Company”)


REDEFINE INTERNATIONAL MAKES FURTHER PROGRESS ON DISPOSALS WITH £26M
SALE OF BMW SHOWROOM


Redefine International, the FTSE 250 income-focused UK REIT, announces that it has completed on the sale
of the Sytner BMW showroom in High Wycombe for £26.1 million to a UK pension fund. The sale price
reflects a net initial yield of 5.0% and a premium of 5.8% to the 28 February 2017 book value. The property
was acquired in March 2016 as part of the AUK transaction. The disposal provides an opportunity to recycle
capital out of an asset with limited near-term rental growth prospects at a low initial yield.

In the first half of the financial year the Company disposed of £95.0 million of assets at an average premium
of 12.4% to the 31 August 2016 book value. It has since exchanged or completed on a further £46.6 million
of assets which includes the sale of High Wycombe, at an average net initial yield of 5.8% and a premium of
10.7% to the 28 February 2017 book value. The other disposals include two secondary office assets in Bedford
and Chatham and a standalone Carphone Warehouse unit at Merton Priory Retail Park.

The disposals are in line with the Company’s strategy of enhancing the income characteristics of its portfolio
by allocating capital to assets and locations that can deliver long term sustainable income returns.

Mike Watters, CEO of Redefine International, commented:

“This disposal is a further example of the quality of the assets in the AUK transaction, which has provided a
number of opportunities to extract value over the last 18 months in line with our strategy. Together with the
other recent sales, the transaction provides the opportunity to recycle capital into new investments, where we
can use our asset management skills to deliver stronger income returns over the long term.”

For further information:

 Redefine International P.L.C.
 Mike Watters, Stephen Oakenfull                               Tel: +44 (0) 20 7811 0100

 FTI Consulting
 UK Public Relations Adviser
 Dido Laurimore, Claire Turvey, Ellie Sweeney                  Tel: +44 (0) 20 3727 1000

 Instinctif Partners
 SA Public Relations Adviser
 Frederic Cornet, Lizelle du Toit                              Tel: +27 (0) 11 447 3030

 Java Capital
 JSE Sponsor                                                   Tel: +27 (0) 11 722 3050

Note to editors:

About Redefine International

Redefine International is an income focused FTSE 250 UK Real Estate Investment Trust (UK-REIT)
committed to delivering superior distributions to its shareholders throughout the property cycle.

The Company’s income driven total returns are underpinned by a diversified portfolio, together with an
efficient capital structure. The continued transformation of both the corporate structure and asset base offer a
solid foundation to drive further value. At 28 February 2017, the diversified portfolio, independently valued
at £1.5 billion, is focused in Europe's two strongest economies, being the United Kingdom and Germany. The
portfolio is weighted towards well located properties across a range of sectors, including retail, offices,
distribution and hotels, which benefit from strong demand and from which they can capture income and value
growth by attracting high calibre occupiers on long leases. The Company’s investment philosophy is to
effectively allocate recycled capital from mature assets into sectors and locations with strong occupier
fundamentals and individual assets with realisable upside.

The secure income stream is supported by a diversified portfolio and tenant base, with a WAULT of 7.5 years
complemented by an average debt maturity of 6.8 years of which over 95% of interest costs are either fixed
or capped. The Company is focused on all aspects impacting shareholder distributions and boasts one of the
lowest cost ratios in the industry whilst continuously driving lower cost of debt.

Redefine International holds a primary listing on the London Stock Exchange and a secondary listing on the
Johannesburg Stock Exchange and is included within the FTSE 250, EPRA and GPR indices.

For more information on Redefine International, please refer to the Company’s website
www.redefineinternational.com.

31 August 2017

Date: 31/08/2017 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.