Redefine posts 15.2% jump in revenue

Redefine Properties, a leading property group, recently announced a significant increase in distributable income, driven by the acquisition of a controlling stake in EPP in Poland. Andrew Konig, the CEO of Redefine Properties, joined CNBC Africa to discuss the company's performance and future plans. The company reported a 26.1% increase in distributable income, offsetting negative rental reversions and disposal activities. Konig highlighted improvements in occupancy rates across the retail, industrial, and office portfolios, with a focus on quality tenants and spaces. The company's office portfolio saw a slight increase year-on-year, emphasizing the importance of quality and pricing in a challenging market. Konig also addressed the issue of oversupply in the property sector, stressing the need for new demand driven by economic growth to balance the market. Despite the economic challenges, Redefine Properties has managed to improve occupancies, collections, and reduce net areas, demonstrating resilience in a tough environment. The company is also prioritizing environmental, social, and governance (ESG) initiatives, setting science-based targets to achieve net-zero carbon emissions by 2050. Solar projects and energy efficiency measures are part of Redefine Properties' strategy to manage costs and reduce environmental impact. In terms of Poland, Redefine Properties' acquisition of EPP signals a strategic move into central Eastern Europe, capitalizing on the region's growth potential. Despite uncertainties related to the Ukraine war and energy crisis, Konig highlighted opportunities in Poland, driven by logistical trends and government support. By focusing on cost management and sustainability, Redefine Properties aims to mitigate the impact of higher energy costs and maintain profitability. Looking ahead, the company plans to optimize its assets and prioritize user needs, utilizing available funds selectively to enhance its portfolio.