Harneys advises Redefine International on £490 million real estate portfolio acquisition

Harneys has advised Redefine International P.L.C. on the BVI elements of its £490 million acquisition of the AUK Portfolio and the Banbury Cross Retail Park from the Aegon UK Property Fund and the connected £303 million debt financing from a syndicate including HSBC Bank plc, Barclays Bank PLC, Abbey National Treasury Services and The Royal Bank of Scotland plc.

The transaction, which has been described as “a transformational deal” for Redefine International, involved 22 BVI companies. The purchased portfolio predominantly consists of UK wide retail parks, offices, industrial parks and car showrooms/high street premises.

Redefine International is a FTSE 250 UK-REIT (a real estate investment trust) with a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. Redefine International invests in large, well developed economies with established and transparent real estate markets and has a £1 billion investment portfolio focussed on the commercial, industrial, retail and hotel sectors.