Reflecting improving regional property market conditions, real estate investment trust Redefine International (RDI) - which boasts a portfolio of retail, commercial and hotel space - reported a near-5 per cent hike in adjusted net asset value (NAV) to 40.54p a share in the year to end-August.
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Rents are also rising and Redefine's gross rental income jumped 29 per cent year on year. Redefine continues to add to the portfolio; since the period ended, £25.3m was spent buying a Hilton hotel in Edinburgh. After factoring-in the uplift in the property book's value, pre-tax profit jumped 52 per cent to £102m. The dividend rose 3 per cent to 3.2p, too, and remains well covered by earnings.
