“Acquiring this trophy portfolio is a strategic triumph for Redefine. It is underpinned by high-quality income streams from its large, excellently located, premium grade office precinct assets,” said Marc Wainer, executive chairman of [DATA RDF:Redefine Properties].
(READ MORE: Redefine emphasises property acquisition strategy)
Leaf Capital is an unlisted company with nine substantial property assets in the Gauteng and Western Cape provinces in South Africa.
The deal included Western Cape properties such as Black River Park and the Wembley Square Development.
The Gauteng assets include the likes of Bryanston properties, Silver Stream Business Park, Silver Point Office Park, Crawford House and Hampton Park.
(READ MORE: Redefine report card goes from D to A)
“Redefine will pay the purchase consideration through assumed third party debt of approximately 1.9 billion rand, 80 per cent of the balance will be settled through a placement of shares and 20 per cent funded from existing cash resources,” it said.
The deal will be effective from 1 March, following approval from the Competition Commission as well as several other conditions.