Prudential Assurance Buildings

Redefine offloads office portfolio to repay debt

Property investor Redefine International has sold a portfolio of offices for £35m, including four blocks in the North West.

The Prudential Assurance Buildings in Liverpool, Transpennine 200 in Rochdale, Brocol House in Wigan and Tweedale House in Oldham have been bought by an undisclosed buyer, as part of the Project Neopolitan portfolio.

The sale includes six other assets in Barnsley, Bristol, Chelmsford, Ipswich, Sheffield and Wolverhampton.

As part of a statement to the stock market, Redefine said the assets were part of its non-core portfolio, and that the sale price was 12.4% higher than book value. The properties were put on the market in order to repay debt associated with the Delta facility which was restructured in 2012.

Mike Watters, chief executive of Redefine International, said: "We are pleased with the successful outcome of this disposal.

"Investor appetite for regional offices is growing and we are therefore confident of our plans for completing the remaining disposals of our non-core assets and we will provide a further update in due course."

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