Redefine International has completed the sale of four German office assets for 鈧�106m.
The assets were held in a joint venture with the Menora Mivtachim Group, one of Israel鈥檚 largest insurance and pension funds.
The properties 鈥� in Berlin, Dresden, Cologne and Stuttgart 鈥� are let to German government-backed social insurance body VBG.
Mike Watters, chief executive of Redefine, said proceeds from the sale would be reinvested into 鈥渧alue-accretive assets and used to effectively reduce debt鈥�.
Redefine鈥檚 49% share reflects an 8.6% premium to book value.
The 45,145sqm portfolio generated a total annual gross rental income of 鈧�8.1m, of which 鈧�4m was attributable to Redefine.
The deal comes four years after the REIT entered a German joint venture with Menora.
