The listing follows a group restructuring to facilitate South African direct investment in Redefine International‚ the company said on Monday.
The company is listed on the main market of the London Stock Exchange while its South African holding company‚ Redefine Properties International (RIN)‚ is listed on the main board of the JSE. The company received approval from the South African Reserve Bank for a secondary listing on the JSE in July 2013‚ subject to certain conditions.
Redefine Properties International linked units traded on the JSE for the last day on Friday‚ October 25.
“We believe the inward listing on the JSE will unlock investor value by improving the liquidity and tradability of Redefine International‚ reduce fee costs by eliminating duplication and significantly enhance the group’s ability to raise capital. It also makes the benefits of an investment in Redefine International more accessible to South African investors‚” said Michael Watters‚ group CEO of Redefine International.
The fund’s investment portfolio is valued over £1bn and comprises real estate assets across the UK‚ Europe and Australia.
At 4.57pm the share was quoted at R8‚ up 2.56% on the day.
