Redefine to sell 90% interest in Australian student digs portfolio

Diversified landlord Redefine Properties said on Friday that it has agree to sell its 90% interests in two Australian student accommodation businesses.

Subsidiaries of German insurance giant Allianz will be purchasing the properties for an aggregate price of A$459m (R5.4bn), with  Redefine intending to use the proceeds to help settle debt.

The group, which has a market capitalisation of R18.7bn, is currently pursuing the sale of R8bn in non-core assets across its portfolio.

In morning trade on Friday, Redefine’s share price was up 8.39% to R3.23, putting it on track for its best one-day performance in more than two weeks.