Redefine International has completed the sale of four German office assets for a gross consideration of â¬106m.

The assets, which were disposed of via a share sale, were held in a joint venture with the Menora Mivtachim Group.

The Company's 49% proportionate share reflects an 8.6% premium to the book value. It was intended that Redefine International's net proceeds of â¬24.9m, which includes a performance fee of â¬2.4m, would be reinvested into value accretive opportunities and used to reduce debt.

The properties, situated in Berlin, Dresden, Cologne and Stuttgart, total 45,145 sqm (485,937 sqft), and are let to a German government-backed social insurance body, VBG, on a combined WAULT of just under seven years.

The portfolio generated a total annual gross rental income of â¬8.1m of which â¬4.0m was attributable to Redefine International.