Redefine Properties posts robust interim results despite market challenges

Motheo Khoaripe speaks to Andrew König, CEO at Redefine Redefine Properties. 

JSE-listed company, Redefine Properties reported solid results for the six months to end February 2024, despite prevailing economic challenges in South Africa.

Despite economic headwinds such as higher-for-longer interest rates, the property group reported a 6.1% increase in distributable income to R1.7 billion, signaling sustained profitability and strategic growth initiatives. 

Speaking to Motheo Khoaripe on The Money Show, Redefine Properties CEO, Andrew König says they're benefiting from it being a tenants market at present.

"If you look at the office sector, which is a sector that is victim of oversupply as well as sluggish demand from a new occupier point of view, we are seeing pressure on our vacancy levels."

- Andrew König, CEO, Redefine Properties

"...where we are seeing an improvement is on the reversion rates. If you look at the number of releases that have come up for renewal during the period, half have been flat or positive and half have been negative."

- Andrew König, CEO, Redefine Properties

"It is a tenants market at this point in time, and that is a consequence of oversupply and also no new demand coming into the system to mop up that supply."

- Andrew König, CEO, Redefine Properties

Scroll to the top of the article to listen to the interview.