Redefine offloads office assets

Redefine International has completed £107.8m in disposals since the end of its financial year on 31 August, according to its latest trading update. Among the disposals were the sales of four German offices for a total €106m (£91m) and 201 Deansgate in Manchester for £29.2m, both in January. Occupancy across Redefine’s portfolio rose to 98.4% after it let the remaining 10,900 sq ft at City Point in Leeds. Its share of debt fell by 6.5% in the period to £850.6m, which, along with a reduction of its cost of debt to about 3.2%, is expected to deliver annual interest savings of £4m. Mike Watters, chief executive of Redefine International, said: “The disposals achieved since the start of our new financial year illustrate our commitment to improving the overall quality of the portfolio and simultaneously strengthening our capital structure.” The company said its earnings per share guidance of 2.7p to 2.8p for the current financial year will be subject to securing “suitable reinvestment opportunities” and favourable market conditions. • To send feedback, e-mail karl.tomusk@estatesgazette.com or tweet @ktomusk or @estatesgazette