The board of Redefine is confident that the UK will see a “continued recovery” in the UK occupier market, according to this morning’s interim management statement.
During the period from 1 March 2014 to 17 July, Redefine bought the 39,000 sq ft Enfield Travelodge for £10.5m at a net initial yield of 6.4%, and completed an asset swap which led to the acquisition of three new petrol stations for £10.4m at a net initial yield of 5.2%.
Occupancy in the portfolio held steady at 97.2%.
The company is in the process of refinancing £120m of debt facilities maturing in 2016.
During the period the company was included in the FTSE 250 Index, and South African hotel and casino operator Tsogo Sun bought a 25% stake in Redefine BDL Hotel Group.
Chairman Greg Clarke said: “The period since the interim results has seen a continued recovery in the real estate markets in which the company operates. With improving economic conditions, the company remains optimistic that rental growth is set to return in the sectors and types of assets that form our core portfolio.”
sophia.furber@estatesgazette.com
