Redefine to Buy U.K. Commercial Properties for $744 Million

Redefine International Plc, a British real estate investment company, agreed to buy commercial properties for 490 million pounds ($744 million) from Aegon UK Property Fund.

The acquisition includes retail parks, offices and industrial buildings across the U.K., including 19 properties that comprise the AUK Portfolio, Redefine said in a statement on Monday.

“This is a transformational deal for Redefine International, which rapidly improves the quality and scale of our overall portfolio” Redefine Chief Executive Officer Mike Watters said in the statement.“This also represents an efficient recycling of our cash balances following sales of Cromwell and other non-core assets.”

The AUK Portfolio has a net initial yield of 5.0 percent, the company said. The transaction is subject to shareholder approval.

Redefine said it has arranged 303 million pounds in loans to help finance the deal.