Redefine has restructured two distressed debt packages in less than a week. The first, which was backed by a government-let German property portfolio it inherited from Wichford, involved paying the original lender €80m (£64m) – €37m less than the value of its original loan – taking out a new loan of €57m and selling the portfolio into a joint venture with a pension fund.
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The second concerned a £115m commercial mortgage-backed security called Delta. Of this, £33.5m will be repaid using proceeds of a £100m rights issue due in September, freeing up seven assets. The rest will be paid off by selling 16 other assets to a timetable to be determined by Redefine.
