Redefine International increases its 2015 full year dividend by 1.6%

DividendMax Ltd.

Redefine International increases its 2015 full year dividend by 1.6%


Earnings available for distribution increased 13.6% to £44.4 million (2014: £39.1 million)

Second interim dividend of 1.65p per share taking full year dividends to 3.25p per share (2014: 3.20p per share), an increase of 1.6%

Adjusted NAV per share 41.7p (2014: 40.5p), an increase of 3.0%

Balance sheet strengthened with Group LTV reduced to 40.7% (2014: 48.1%)

Weighted average cost of debt reduced by 30bps to 3.9% (2014: 4.2%)

Cash and available facilities of £95.9 million (2014: £91.3 million)


Portfolio repositioned enhancing quality and reinforcing geographic focus

Remaining shareholding in Cromwell sold, realising net proceeds of £57.1 million

Over £145 million of capital recycled following disposal of non-core assets

Occupancy increased to 98.1% (2014: 97.6%)

€157 million acquisition of German retail portfolio in joint venture with Redefine Properties

Acquisition of DoubleTree by Hilton, Edinburgh for £25.3 million

Transformational acquisition of £490 million AUK Portfolio post year end


Successful equity placement generating gross proceeds of £70.9 million

Board strengthened with the appointment of Robert Orr as a Non-Executive Director

Appointment of Donald Grant as CFO

Greg Clarke, Chairman, commented:

"This has been another active and successful year for Redefine International. The management team is continuing to drive the Company forward and has effectively executed our strategy to reposition the portfolio for future growth. Once the transactions have completed, the addition of the AUK assets, together with the other improvements made throughout the year, provide us with a significantly enhanced portfolio, both in terms of quality and geography, and we are looking to the future with renewed confidence to build on the Company's income potential."

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