Redefine Green Bond (IFC-46925)

  • South Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 43.90 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 15, 2023

Disclosed by Bank Feb 9, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The proposed investment is an anchor investment of ZAR750 million (US$48 million) in a green Bond to beissued by Redefine. The company is looking to raise a senior unsecured green bond of up to ZAR1.5 billion as part of its ZAR30.0 billion (US$1.94 billion equivalent) Domestic Medium-Term Note (DMTN) program (The Bond). This bond tranche will include issuances of unsecured floating rate notes in multiple tenors, including a 3-year, 7-year, and 10-year tenor. The indicative use of the bond proceeds is to finance retrofits, renovation, and building improvements to make them environmentally sustainable, improve resource efficiency and adopt environmentally sound technologies (“the Project”). The issuance of this green bond is part of Redefine's sustainability strategy and supports the Company's long-term commitment to ensure all its buildings are net zero by 2050.


Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Founded in 1999, Redefine Properties (, the Company or Redefine) is the second largest real estate investment trust (REIT), listed on the Johannesburg Stock Exchange since 2000 and approved as a REIT in 2013.

The Company focuses on developing and operating a portfolio of high-quality commercial property assets across retail, office, industrial and the specialized segments in South Africa and Poland. The company’s growth since establishment has been through a mix of direct investments in properties, acquisitions, and equity investments in other property companies. Redefine has total assets in South Africa with gross leasable area (GLA) of 4.3 million m2 with a valuation of approximately US$3.82 bn (ZAR 59.0 bn):  (a)   Retail property assets - 66 buildings, which are about 41% of Redefine’s South Africa portfolio focused on super regional, regional and convenience centers. (b)   Office assets - 101 buildings, about 37% of Redefine’s local assets focused mostly on the Premium Grade and A-Grade segment.  (c)   Industrial assets - 97 buildings representing 21% of Redefine’s local assets with the largest components being modern logistics, heavy grade industrial and warehousing. (d)   Specialized properties including one hotel (with a 25% interest), one hospital and one residential property in South Africa. Though developed by Redefine, these properties are not managed by Redefine and managed by other agencies. Over the last few years, Redefine has disposed of the bulk of its specialized assets as part of an effort to simplify its property platform.  Most of the properties are under Redefine’s operational control and are managed by Redefine’s facilities management teams. In March 2022, Redefine invested in a foreign associate; EPP (, the largest asset manager of retail real estate located in Poland in terms of GLA. EPP’s portfolio consists of 35 projects (29 retail properties and six office complexes) with a total value of approximately 2.8 billion Euro and a leasable area of over 1 million m2. Redefine also direct holdings of retail properties and a shareholding in a European logistic platform in Poland. Over the years, Redefine has grown significantly building a sizeable commercial property portfolio in international markets like Poland, UK, Australia and other countries in Africa. However, currently, 84% of Redefine's assets are investment properties in South Africa with the rest of the Company’s offshore exposure in Poland (16%). Most of the other properties have been sold or are at an advanced stage of disposal. 


Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Redefine Properties Ltd Client -

Contact Information
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Redefine Properties Limited
Ntobeko Nyawo
Chief Financial Officer
155 West Street, Sandown, Sandton, Johannesburg, 2196



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