Redefine International to buy AUK Portfolio from Aegon for £437.2m
Real estate investment trust Redefine International has reached a conditional agreement to acquire the AUK Portfolio of Aegon UK Property Fund through its wholly-owned subsidiary, Redefine AUK, for £437.2m.
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The AUK portfolio comprises 19 properties valued at £439.9m. Of these, six assets are single let, with the balance being multi-let.
Redefine said the portfolio generates an annual passing rent of £23.5m and the occupancy level is 96.7%.
Chief executive officer Mike Watters said: “"This is a transformational deal for Redefine International, which rapidly improves the quality and scale of our overall portfolio, supporting our growth plans and strategy to generate consistent and growing income returns. This also represents an efficient recycling of our cash balances following sales of Cromwell and other non-core assets and investment of March's placing into this high quality portfolio.”
In addition, Redefine said it has exchanged contracts to acquire Banbury Cross Retail Park for a consideration of £52.5m, in a deal that completes on Monday.