Redefine’s total property assets under management are valued at R75.3 billion, with 84% invested in South Africa. Of the 16% held offshore, 81% is in Poland.
Polish cities boast some of Europe's cheapest warehousing costs, with low labour, electricity and diesel costs also making them attractive, he said. Significant land holdings in South Africa in strategic locations like Cape Town and Johannesburg will also be harnessed for local logistics developments, he added, with one already in progress.The owner of retail, office and industrial properties reported a 30.8% slump in total revenue in the six-months that ended Feb 28, due to asset disposals and rental relief of 107.3 million rand granted to its tenants.
A rental reversion rate shows whether expiring leases that were renewed recently had higher or lower rental rates than previously. A negative rental reversion rate confirms that lower rental rates were secured.
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