After increasing their investments in Fountainhead, Redefine once again to increase it portfolio by acquiring the Weston Favell Shopping Centre at an amount of £84 million from Aviva located in Northampton, UK. The property comprises of around 307,763 square feet of retail accommodation for next two floors along with 1,150 free parking spaces.
Redefine is already primarily listed on the London Stock Exchange and secondarily on the JSE. RPL has started trading as a real UK real estate investment trust on both of the platforms earlier in December.
The shopping center was held securely by one of the largest Tesco Extra supermarkets across UK, the centre consists of 56 retail units and seven kiosks (newsstands) for various local as well as national retailers yielding the net income of GBP6.4m per year.
According to Mike Watters, CE Redefine International “Along with the net initial output of 7.2% after the acquisition, at the same time the property also provides a strong income including numerous asset management opportunities.”
