This website uses cookies to enable the operation of certain functions and to improve performance. If you continue browsing the site, you consent to the use of cookies on this website. Please see our Privacy Statement for details.

OK

Pinsent Masons advises Redefine International P.L.C. on the Acquisition of 56 Retail Properties in Germany

– In The Press

Pinsent Masons

International Law Firm Pinsent Masons advises Redefine International P.L.C. ("Redefine International"), the FTSE 250 income focused UK-REIT, on the acquisition of 56 retail properties in Germany in a 50/50 joint venture (the "Joint Venture") with Redefine Properties Ltd ("Redefine Properties"), the Company's largest shareholder. The properties were bought from a UK based joint venture of South African and Israeli investors.

International Law Firm Pinsent Masons advises Redefine International P.L.C. ("Redefine International"), the FTSE 250 income focused UK-REIT, on the acquisition of 56 retail properties in Germany in a 50/50 joint venture (the "Joint Venture") with Redefine Properties Ltd ("Redefine Properties"), the Company's largest shareholder. The properties were bought from a UK based joint venture of South African and Israeli investors.

The Portfolio is valued at €156.8m and was acquired together with existing bank debt of €100.0m (the "Transaction"), which the Joint Venture intends to refinance immediately after the Transaction closes. The net consideration of approximately €57.4 million, including the acquisition costs and net working capital, will be funded equally by Redefine International and Redefine Properties from existing cash resources.

As part of the Transaction, Redefine International will manage the Portfolio for the Joint Venture. The Transaction is Redefine Properties' first direct investment in Europe and allows Redefine Properties to benefit from Redefine International's experienced European asset management team. 

Pinsent Masons advised Redefine International P.L.C. on all legal aspects of the acquisition, including joint venture and management agreements.

Background: Redefine International P.L.C. is a long standing client of Pinsent Masons, both in the UK and Germany. Redefine International regularly instructs Pinsent's German Real Estate Team led by partner Joern Fingerhuth since the opening of Pinsent Masons' Munich office in 2012, e.g. on the acquisition of three large shopping centres in Germany from CMC Capital in 2013.

The transaction involved several jurisdictions including Luxemburg, UK, Germany and South Africa which required a highly experienced, multi-jurisdictional legal project management team for both Sellers and Redefine International. Further, complex, Pan European finance requirements as well as several listing requirements in the UK and South Africa needed to be observed due to the joint venture structure and Redefine Properties as Redefine International's largest shareholder investing alongside Redefine International.