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Fingers duly burnt, Redefine will dump non-core assets


Fingers duly burnt, Redefine will dump non-core assets

Underperformers in SA, UK and Australia have hurt, but streamlined company is well positioned in Poland

Alistair Anderson

Redefine Properties (https://www.sharenet.co.za/v3/quickshare.php?scode=RDF) has an opportunity to simplify its structure and investment portfolio, which should be welcomed by investors in JSE real estate.

Redefine, SA’s second largest listed property company, has grown rapidly in the past 20 years under former chairperson and founder Marc Wainer, current CEO Andrew Konig, and property industry doyens Mike Flax and David Rice.

But in recent years its returns have been disappointing and some critics say management has been too aggressive with acquisitions in the UK, Australia, Poland and all over SA. It also tried to diversify,  developing its first residential property, Park Central, a few years ago – an asset it overcapitalised and has a high vacancy factor. ..

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