RDI : Positive year for Redefine International
Over the year to the end of August 2014 Redefine International’s net asset value rose from 38.7p to 40.5p. It declared dividends of 3.2p for the year, 2.1% up on the year before. £162.5m of banking facilities were extended or refinanced over the period, extending average debt maturity to 9.3 years (31 August 2013: 4.7 years). Cash (unrestricted) rose to £83.8m from £29.6m.
The UK assets rose by 8.8% and the European portfolio rose by 2,4% to give a blended increase of 4.7%. Portfolio occupancy increased to 97.6% (31 August 2013: 97.3%)
Highlights of the year include the sale of part of their holding in Cromwell securities for £35.6m to leave them with a 9.99% stake; the sale of two residential development sites for £22.2m, an aggregate 24.9% premium to carrying value; the acquisition of Weston Favell Shopping Centre for £84.0m (excluding acquisition costs); the investment of £28.2m into new and existing hotels; and the purchase, after the year end of the Edinburgh Doubletree by Hilton hotel for £25.3m.