Declared Dividend • May 13
Final dividend increased to R0.22 Dividend of R0.22 is 6.9% higher than last year. Ex-date: 27th May 2026 Payment date: 1st June 2026 Dividend yield will be 7.7%, which is lower than the industry average of 9.2%. New Risk • Feb 25
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: R12m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Significant insider selling over the past 3 months (R12m sold). Announcement • Feb 13
Redefine Properties Limited Approves Committee Changes Redefine Properties Limited approved Election of Mr. L Kok, A König, N Langa-Royds, C Fernandez, Ms A Dambuza and C Boshard as a member of the social, ethics and transformation committee. Price Target Changed • Jan 29
Price target increased by 9.8% to R6.56 Up from R5.98, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R6.28. Stock is up 42% over the past year. The company posted earnings per share of R0.59 last year. Announcement • Dec 12
Redefine Properties Limited, Annual General Meeting, Feb 12, 2026 Redefine Properties Limited, Annual General Meeting, Feb 12, 2026. Recent Insider Transactions • Dec 08
CFO & Executive Director recently sold R6.9m worth of stock On the 2nd of December, Ntobeko Nyawo sold around 1m shares on-market at roughly R5.78 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Ntobeko's only on-market trade for the last 12 months. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Craig Boshard was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 17
Price target increased by 9.9% to R5.98 Up from R5.44, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R6.06. Stock is up 25% over the past year. The company posted earnings per share of R0.59 last year. Declared Dividend • Nov 05
Final dividend increased to R0.25 Dividend of R0.25 is 14% higher than last year. Ex-date: 19th November 2025 Payment date: 24th November 2025 Dividend yield will be 8.3%, which is lower than the industry average of 9.2%. Reported Earnings • Nov 04
Full year 2025 earnings released: EPS: R0.59 (vs R0.59 in FY 2024) Full year 2025 results: EPS: R0.59 (up from R0.59 in FY 2024). Revenue: R11.0b (up 3.5% from FY 2024). Net income: R4.13b (up 4.0% from FY 2024). Profit margin: 37% (in line with FY 2024). Revenue is forecast to stay flat during the next 3 years compared to a 5.6% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Price Target Changed • Oct 31
Price target increased by 8.1% to R5.31 Up from R4.91, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R5.40. Stock is up 9.5% over the past year. The company posted earnings per share of R0.59 last year. Buy Or Sell Opportunity • May 14
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at R4.42. The fair value is estimated to be R5.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 31%. Announcement • May 12
Redefine Properties Limited Declares Cash Dividend for the Six Months Ended 29 February 2025, Payable on 2 June 2025 The board of Redefine Properties Limited has declared a dividend of 20.41529 cents per share for the six-month period ended 28 February 2025. The dividend is payable to Redefines shareholders in accordance with the timetable set out below: Last date to trade cum dividend, 27 May 2025. Shares trade ex dividend: 28 May 2025.Record date: 30 May 2025. Payment date: 2 June 2025. Announcement • Apr 02
Redefine Properties Limited to Report Fiscal Year 2025 Results on Nov 03, 2025 Redefine Properties Limited announced that they will report fiscal year 2025 results on Nov 03, 2025 Announcement • Mar 28
Redefine Properties Limited Appoints Craig Boshard as an Independent Non-Executive Director and Member of the Investment, Social, Ethics and Transformation and Risk, Compliance and Technology Committees Redefine Properties Limited announced that with effect from 27 March 2025, Craig Boshard has been appointed as an independent non-executive director of Redefine and as a member of the company's board committees. Craig (BSc. Construction Studies, BSc. (Hons) Construction Management), is a seasoned property developer with extensive experience in listed multinational property funds, with a particular focus in Africa and Central Eastern Europe. Craig has held various development manager roles for South African real estate companies over the years and was Retail Development Director (CEE) Poland for Rockcastle Poland Sp. z o.o, from 2015 to 2018 and Development Director of NEPI Rockcastle N.V. from 2018 to 2019. Most recently Craig was appointed Development Director of the MEA region, for DHL Real Estate Solutions, a subsidiary of DHL Supply Chain. He is also the joint CEO and owner of the Knysna Yacht Company (Pty) Ltd. Craig brings significant expertise in all aspects of real estate development and management to Redefine. Craig will be a member of the following committees: Investment; Social, ethics and transformation; Risk, compliance and technology. Announcement • Feb 25
Redefine Properties Limited to Report First Half, 2025 Results on May 12, 2025 Redefine Properties Limited announced that they will report first half, 2025 results on May 12, 2025 Buy Or Sell Opportunity • Jan 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to R4.22. The fair value is estimated to be R5.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 22%. Announcement • Dec 14
Redefine Properties Limited, Annual General Meeting, Feb 13, 2025 Redefine Properties Limited, Annual General Meeting, Feb 13, 2025. Buy Or Sell Opportunity • Dec 11
Now 8,497% overvalued after recent price rise Over the last 90 days, the stock has risen 9,112% to R456. The fair value is estimated to be R5.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 22%. Recent Insider Transactions Derivative • Dec 05
CEO & Executive Director exercised options to buy R7.0m worth of stock. On the 29th of November, Andrew Konig exercised options to buy 2m shares at a strike price of around R4.52, costing a total of R6.8m. This transaction amounted to 9.4% of their direct individual holding at the time of the trade. Since December 2023, Andrew's direct individual holding has increased from 15.72m shares to 16.01m. Company insiders have collectively bought R12m more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Nov 11
Final dividend of R0.22 announced Shareholders will receive a dividend of R0.22. Ex-date: 27th November 2024 Payment date: 2nd December 2024 Dividend yield will be 8.9%, which is about the same as the industry average. Announcement • Nov 08
Redefine Properties Limited Declares Dividend for the Six-Month Period Ended 31 August 2024 Redefine Properties Limited declared a cash dividend of 22.25110 cents per share, for the six-month period ended 31 August 2024. Reported Earnings • Nov 07
Full year 2024 earnings released: EPS: R0.59 (vs R0.21 in FY 2023) Full year 2024 results: EPS: R0.59 (up from R0.21 in FY 2023). Revenue: R10.7b (up 7.6% from FY 2023). Net income: R3.97b (up 174% from FY 2023). Profit margin: 37% (up from 15% in FY 2023). Revenue is expected to fall by 9.8% p.a. on average during the next 2 years compared to a 10% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Nov 05
Now 21% undervalued Over the last 90 days, the stock has risen 14% to R4.89. The fair value is estimated to be R6.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Price Target Changed • Oct 21
Price target increased by 13% to R4.99 Up from R4.40, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R4.91. Stock is up 40% over the past year. The company posted earnings per share of R0.21 last year. Buy Or Sell Opportunity • Jul 01
Now 19% undervalued Over the last 90 days, the stock has risen 7.6% to R4.24. The fair value is estimated to be R5.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 20
Now 22% undervalued Over the last 90 days, the stock has risen 2.5% to R4.13. The fair value is estimated to be R5.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. New Risk • May 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 67% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Dividend is not well covered by cash flows (117% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (17% net profit margin). Declared Dividend • May 08
First half dividend reduced to R0.20 Dividend of R0.20 is 0.3% lower than last year. Ex-date: 22nd May 2024 Payment date: 27th May 2024 Dividend yield will be 11%, which is higher than the industry average of 9.2%. Announcement • May 06
Redefine Properties Limited Declares Cash Dividend for the Six Months Ended 29 February 2024, Payable on 27 May 2024 Redefine Properties Limited Board has declared a cash dividend of 20.27 cents per share for the six months ended 29 February 2024. Last date to trade cum dividend is 21 May 2024; Shares trade ex dividend is 22 May 2024; Record date is 24 May 2024; Payment date is 27 May 2024. Announcement • Feb 28
Redefine Properties Limited to Report First Half, 2024 Results on May 06, 2024 Redefine Properties Limited announced that they will report first half, 2024 results on May 06, 2024 Price Target Changed • Feb 04
Price target increased by 7.5% to R4.60 Up from R4.28, the current price target is an average from 2 analysts. New target price is 10% above last closing price of R4.18. Stock is up 2.0% over the past year. The company posted earnings per share of R0.21 last year. Buy Or Sell Opportunity • Jan 24
Now 20% undervalued Over the last 90 days, the stock has risen 15% to R3.91. The fair value is estimated to be R4.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Jan 05
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be R4.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Meanwhile, the company has become profitable. Recent Insider Transactions • Dec 22
CFO & Executive Director recently sold R333k worth of stock On the 18th of December, Ntobeko Nyawo sold around 87k shares on-market at roughly R3.82 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Ntobeko has been a net buyer over the last 12 months, purchasing a net total of R1.1m worth of shares. Announcement • Dec 15
Redefine Properties Limited, Annual General Meeting, Feb 19, 2024 Redefine Properties Limited, Annual General Meeting, Feb 19, 2024, at 12:00 South Africa Standard Time. Recent Insider Transactions Derivative • Dec 08
CEO & Executive Director exercised options to buy R6.4m worth of stock. On the 30th of November, Andrew Konig exercised options to buy 2m shares at a strike price of around R3.40, costing a total of R5.7m. This transaction amounted to 12% of their direct individual holding at the time of the trade. Since September 2023, Andrew has owned 14.11m shares directly. Company insiders have collectively sold R1.1m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Nov 15
Upcoming dividend of R0.23 per share at 12% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 27 November 2023. Trailing yield: 12%. Within top quartile of South African dividend payers (9.4%). Higher than average of industry peers (10%). New Risk • Nov 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 15% Last year net profit margin: 106% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 103% Minor Risk Profit margins are more than 30% lower than last year (15% net profit margin). Announcement • Nov 01
Redefine Properties Limited Appoints Cora Fernandez as a Member of the Audit Committee Shareholders and noteholders of Redefine Properties Limited advised that Cora Fernandez, currently an independent non-executive director of Redefine, has been appointed as a member of the audit committee with effect from 30 October 2023 in order to further bolster the expertise within the audit committee. Following the appointment, the audit committee will comprise: Diane Radley (chairperson of the audit committee); Lesego Sennelo; Simon Fifield; and Cora Fernandez. Announcement • Sep 18
Redefine Properties Limited(JSE:RDF) dropped from FTSE All-World Index (USD) Redefine Properties Limited(JSE:RDF) dropped from FTSE All-World Index (USD) New Risk • Jul 20
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: R15m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Dividend is not well covered by earnings (101% payout ratio). Large one-off items impacting financial results. Significant insider selling over the past 3 months (R15m sold). Recent Insider Transactions • Jul 20
CEO & Executive Director recently sold R11m worth of stock On the 18th of July, Andrew Konig sold around 3m shares on-market at roughly R3.34 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Andrew's only on-market trade for the last 12 months. Recent Insider Transactions • Jun 01
Independent Non-Executive Director recently bought R469k worth of stock On the 29th of May, Diane C. Radley bought around 150k shares on-market at roughly R3.13 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R944k more in shares than they have sold in the last 12 months. Announcement • May 25
Standard Bank Group Limited (JSE:SBK) acquired an unknown additional stake in Redefine Properties Limited (JSE:RDF). Standard Bank Group Limited (JSE:SBK) acquired an unknown additional stake in Redefine Properties Limited (JSE:RDF) on May 23, 2023.
Standard Bank Group Limited (JSE:SBK) completed the acquisition of an unknown additional stake in Redefine Properties Limited (JSE:RDF) on May 23, 2023. Upcoming Dividend • May 17
Upcoming dividend of R0.20 per share at 12% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 29 May 2023. Trailing yield: 12%. Within top quartile of South African dividend payers (9.7%). Higher than average of industry peers (9.8%). Announcement • May 09
Redefine Properties Limited Declares Cash Dividend for the Six Months Ended 28 February 2023, Payable on 29 May 2023 Redefine Properties Limited Board has declared a cash dividend of 20.32193 cents per share for the six months ended 28 February 2023. Last date to trade cum dividend is 23 May 2023; Shares trade ex dividend is 24 May 2023; Record date is 26 May 2023; Payment date is 29 May 2023. Price Target Changed • Feb 08
Price target increased by 7.6% to R4.73 Up from R4.40, the current price target is an average from 3 analysts. New target price is 20% above last closing price of R3.93. Stock is down 2.7% over the past year. The company posted earnings per share of R1.42 last year. Announcement • Feb 08
Ninety One SA Proprietary Limited acquired 10.0985% stake in Redefine Properties Limited (JSE:RDF). Ninety One SA Proprietary Limited acquired 10.0985% stake in Redefine Properties Limited (JSE:RDF) on February 7, 2023.
Ninety One SA Proprietary Limited completed the acquisition of 10.0985% stake in Redefine Properties Limited (JSE:RDF) on February 7, 2023. Announcement • Dec 16
Redefine Properties Limited, Annual General Meeting, Feb 23, 2023 Redefine Properties Limited, Annual General Meeting, Feb 23, 2023, at 10:00 South Africa Standard Time. Announcement • Nov 26
Redefine Properties Limited, Annual General Meeting, Feb 23, 2023 Redefine Properties Limited, Annual General Meeting, Feb 23, 2023. Upcoming Dividend • Nov 16
Upcoming dividend of R0.43 per share Eligible shareholders must have bought the stock before 23 November 2022. Payment date: 28 November 2022. Trailing yield: 9.3%. Within top quartile of South African dividend payers (8.7%). In line with average of industry peers (9.3%). Recent Insider Transactions • Sep 03
Independent Non-Executive Director recently bought R1.3m worth of stock On the 30th of August, Diane C. Radley bought around 331k shares on-market at roughly R3.93 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Price Target Changed • Jul 13
Price target decreased to R4.42 Down from R4.78, the current price target is an average from 3 analysts. New target price is 24% above last closing price of R3.55. Stock is down 8.7% over the past year. The company posted earnings per share of R0.54 last year. Announcement • Jun 22
Redefine Properties Limited Announces Resignation of Bridgitte Mathews from its Board of Directors Redefine Properties Limited announced that independent non-executive director, chairperson of the company’s remuneration committee and member of the social, ethics and transformation committee, audit committee and the nomination and governance committee, Bridgitte Mathews, has resigned from the board of directors of the company with effect from 20 June 2022, due to personal reasons. Upcoming Dividend • May 25
Upcoming dividend of R0.24 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 06 June 2022. Trailing yield: 15%. Within top quartile of South African dividend payers (7.8%). Higher than average of industry peers (8.9%). Announcement • May 18
Redefine Properties Limited Provides Distribution Guidance for the Year 2022 Redefine Properties Limited provided distribution guidance for the year 2022. The company expects full year 2022 distributable income per share to be between ZAR 0.50 and ZAR 0.55 per share. Buying Opportunity • Jan 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be R5.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% per annum over the last 3 years. The company has become profitable over the last year. Board Change • Dec 31
High number of new directors CFO & Executive Director Ntobeko Nyawo was the last director to join the board, commencing their role in 2021. Executive Departure • Dec 01
Acting Company Secretary Thembekile Dube has left the company On the 1st of December, Thembekile Dube's tenure as Acting Company Secretary ended after less than a year in the role. We don't have any record of a personal shareholding under Thembekile's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 1.17 years, which is considered inexperienced in the Simply Wall St Risk Model. Upcoming Dividend • Nov 24
Upcoming dividend of R0.60 per share Eligible shareholders must have bought the stock before 01 December 2021. Payment date: 06 December 2021. Trailing yield: 12%. Within top quartile of South African dividend payers (7.6%). Higher than average of industry peers (8.6%). Reported Earnings • Nov 10
Full year 2021 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: R7.16b (down 19% from FY 2020). Net income: R2.92b (up R19.6b from FY 2020). Profit margin: 41% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Price Target Changed • Jun 14
Price target increased to R4.24 Up from R3.91, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R4.40. Stock is up 53% over the past year. Reported Earnings • May 22
First half 2021 earnings released: EPS R0.28 (vs R1.16 loss in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: R3.34b (down 33% from 1H 2020). Net income: R1.55b (up R7.84b from 1H 2020). Profit margin: 46% (up from net loss in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Executive Departure • Apr 02
Company Secretary has left the company On the 31st of March, Bronwyn Baker's tenure as Company Secretary ended after 5.7 years in the role. We don't have any record of a personal shareholding under Bronwyn's name. A total of 2 executives have left over the last 12 months. Announcement • Feb 20
Redefine Properties Limited Announces Resignation of Bronwyn Baker as Company Secretary, with Effect from March 31, 2021 Redefine Properties Limited announced resignation of Bronwyn Baker as company secretary, with effect from March 31, 2021, to pursue other interests. Is New 90 Day High Low • Feb 10
New 90-day high: R4.05 The company is up 90% from its price of R2.13 on 12 November 2020. The South African market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R4.16 per share. Recent Insider Transactions • Jan 20
Chief Operating Officer recently sold R217k worth of stock On the 14th of January, Leon Kok sold around 62k shares on-market at roughly R3.47 per share. In the last 3 months, there was an even bigger sale from another insider worth R2.1m. Leon has been a seller over the last 12 months, reducing personal holdings by R736k. Is New 90 Day High Low • Dec 16
New 90-day high: R3.76 The company is up 54% from its price of R2.44 on 16 September 2020. The South African market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R4.51 per share. Analyst Estimate Surprise Post Earnings • Dec 02
Revenue beats expectations Revenue exceeded analyst estimates by 8.9%. Over the next year, revenue is expected to shrink by 11% compared to a 11% decline forecast for the REITs industry in South Africa. Announcement • Dec 01
Redefine Properties Limited Appoints Ntobeko Nyawo as Chief Financial Officer with Effect from 1 March 2021 Redefine Properties Limited announced that Ntobeko Nyawo has been appointed as Chief Financial Officer with effect from 1 March 2021. Ntobeko is a seasoned business and investment professional with experience in investments, finance, operations, strategy, risk management, corporate governance, complex balance sheet management and information technology with 16 years' experience as a senior finance executive. He has served as Chief Operating Officer ("COO") and CFO at Alexander Forbes Investments and as Finance Director of Alexander Forbes Emerging Markets. Is New 90 Day High Low • Nov 26
New 90-day high: R2.62 The company is up 2.0% from its price of R2.58 on 28 August 2020. The South African market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R4.33 per share. Is New 90 Day High Low • Oct 31
New 90-day low: R1.99 The company is down 37% from its price of R3.18 on 31 July 2020. The South African market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R4.10 per share. Is New 90 Day High Low • Oct 14
New 90-day low: R2.05 The company is down 46% from its price of R3.78 on 16 July 2020. The South African market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R4.11 per share. Is New 90 Day High Low • Sep 23
New 90-day low: R2.23 The company is down 25% from its price of R2.98 on 25 June 2020. The South African market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R4.26 per share. Announcement • Jun 30
Starwood Capital Group Global, L.P. agreed to acquire 29.42% stake in RDI REIT P.L.C. (LSE:RDI) from Redefine Properties Limited (JSE:RDF), Madison Property Fund Managers Limited, Redefine Global (Pty) Limited, Redefine Retail (proprietary) Limited and Madison Property Fund Managers Holdings Limited for approximately £110 million. Starwood Capital Group Global, L.P. agreed to acquire 29.42% stake in RDI REIT P.L.C. (LSE:RDI) from Redefine Properties Limited (JSE:RDF), Madison Property Fund Managers Limited, Redefine Global (Pty) Limited, Redefine Retail (proprietary) Limited and Madison Property Fund Managers Holdings Limited for approximately £110 million on June 29, 2020. Under the transaction, Redefine will sell 111.88 million shares at a price of £0.95 per share. As a result of the transaction, Redefine Properties is exiting the UK real estate market. Redefine Group will transfer 52.13 million of RDI Shares to Starwood on the third business day following the deadline for acceptances of the tender offer for bonds on July 6, 2020. The Remaining RDI Shares will be transferred two business days after the completion of the process to redeem the remaining bonds pursuant to the exercise by Redefine of the Clean-up Call (which is anticipated to be on or about 10 September 2020). The sale of share is conditional on Redefine repurchasing 85% of the principal amount of the bonds originally issued. Announcement • Jun 29
ARE Funds APKV GmbH and ARE Funds AZL GmbH entered into a sale agreement to acquire Property at Central, Swanston Street from Redefine Properties Limited (JSE:RDF) for approximately AUD 190 million. ARE Funds APKV GmbH and ARE Funds AZL GmbH entered into a sale agreement to acquire Property at Central, Swanston Street from Redefine Properties Limited (JSE:RDF) for approximately AUD 190 million on June 26, 2020. Under the transaction, purchase price includes income guarantees in respect of Swanston Street amounting to AUD 11.8 million per annum for an income guarantee period of 12 months. In a separate transaction, ARE Funds AZL GmbH and ARE Funds APKV GmbH entered into sale agreement to acquire 90% stake in Uni Place, Leicester Street from Redefine Properties Limited for approximately AUD 270 million. The transaction is subject to customary closing conditions, including receipt of written confirmation that the Treasurer of the Commonwealth of Australia has no objection to the acquisition, receipt of FIRB approval. The Swanston street sale agreement is expected to be completed on or about January 15, 2021. A portion of the proceeds from the disposal will be used to settle the loan facilities on the Properties and the remaining proceeds will be utilized to reduce the Redefine’s interest-bearing borrowings and enhance its liquidity. 
