JSE and AIM-listed Redefine Properties International plc (RIN), part of the Redefine Properties stable, announced on Thursday that it has acquired effective 50% holding in ITB FMZ Herzogenrath B.V. and effective 50% holding in ITB Baumarkt Schwandorf B.V.

ITB Herzongenrath and ITB Schwandorf are in retail property space based in Germany.

RIN acquired the interests through its 66.66% held subsidiary ITB FMZ Reinheim B.V.

The purchase price is in aggregate €3.7 million of which €2.45 million was funded by Redefine International.

The final purchase price will be determined formulaically in terms of the acquisition agreements taking into account the financial statements of ITB Herzongenrath and ITB Schwandorf at the effective date.

ITB Herzogenrath was acquired from Albert Ten Brinke Beheer B.V. and Bertram Beheer B.V. while ITB was acquired from Albert Ten Brinke Beheer B.V.

All conditions precedent to the acquisitions have been fulfilled.