Redefine International PLC Lease of 22,000 sq ft Derby unit to TK Maxx (9199E)

TIDMRDI

RNS Number : 9199E

Redefine International PLC

12 May 2017

REDEFINE INTERNATIONAL P.L.C.

("Redefine International" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00B8BV8G91

REDEFINE INTERNATIONAL LEASES 22,000 SQ FT DERBY UNIT TO TK MAXX

Redefine International, the FTSE 250 income-focused UK REIT, announces that it has signed a 15-year lease with TK Maxx for a new 22,000 sq ft store at Albion Street in Derby.

The Company will commence a redevelopment of 9-11 Albion Street in late spring 2017 to combine the basement, ground, first and second floors of the three existing units into a single, modern space to accommodate TK Maxx. The new store is scheduled to open by late 2018, once internal fittings have been installed, creating 35 new jobs and improving the retail pitch for the city. The agreed rent of GBP0.2 million is 50 per cent. ahead of the February 2017 ERV. Capital expenditure to reconfigure the space is anticipated to be GBP2.2 million.

Redefine International owns 10 adjoining retail units on Albion Street, which is a key artery in Derby's main retail centre linking the city's Intu shopping centre to Primark and the historic Old Town. The area is the subject of major redesign and refurbishment plans by Derby City Council, which will transform the area into a family-focused shopping destination.

Adrian Horsburgh, Property Director at Redefine International, commented: "We acquired our units on Albion Street as part of the AUK transaction last year and it is a site that we identified as having significant asset management potential in a high footfall location in Derby city centre, which is the target of significant investment by the local authority. This letting to TK Maxx, a high-profile brand with a strong covenant, is in line with our strategy to target income-led asset management opportunities as we continue with our objective of becoming the UK's leading income-focused REIT."

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,      Tel: +44 (0) 20 
  Ellie Sweeney                       3727 1000 
 Instinctif Partners 
  SA Public Relations Adviser 
  Frederic Cornet, Lizelle du         Tel: +27 (0) 11 
  Toit                                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 GBP1.5 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 12, 2017 02:00 ET (06:00 GMT)