Commerce Square, acquired for R350-million, is a 15,700m2 office building in Sandhurst tenanted by MTN, who occupy approximately 35% of the building.  Other tenants include Grindrod Management and Metier Investments.  On transfer, which is expected in February 2011, Commerce Square will be Redefine’s fourth largest property by value, and the second largest office property in the portfolio.

Esher Place, a 9000m2 property also in Sandhurst with Cell C as the single tenant, was acquired for R150-million.

Redefine CEO Marc Wainer says the acquisitions are in line with Redefine’s strategy to improve the quality of the portfolio and to position the company for medium and long-term growth.

Since 31 August 2010, Redefine has signed agreements to dispose of nine underperforming properties for R374-million, where the properties are in a state of decline or are anticipated to be a drag on the portfolio in the future.

“Redefine will continue to refine the quality of the portfolio, while ensuring revenue enhancement,” says Wainer.