Redefine International PLC Lease of 22,000 sq ft Derby unit to TK Maxx (9199E)
12 May 2017 - 4:00PM
UK Regulatory
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
END
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