Financial
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)
Operating
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
Corporate
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."
