Redefine International has conditionally agreed with Redefine Global (Pty) Ltd to acquire control of the German Leopard Portfolio joint venture, in which it holds an existing 50% for a total of â¬49m.

After the deal, it would hold an effective 94% controlling interest in the portfolio, whilst providing 100% of its non-bank financing requirements by way of shareholder loans.

The Leopard Portfolio comprised 66 German retail properties generating gross rental income of â¬13.9m, of which 99.2% was indexed to between 60%-70% of German CPI subject to indexation reaching a cumulative hurdle of 10%.

The portfolio was independently valued at â¬175.5m, reflecting a net initial yield of 7.4%.

The consideration of â¬49m reflected taking on existing debt facilities totalling â¬86.1m.

The facilities had an average all-in cost of 1.4% a year, which supported a 10% geared income return on the total consideration payable by the group, including transaction costs.