Redefine Properties International says it has concluded an agreement through its subsidiary, Redefine International plc, to acquire St Georges Shopping Centre for £25 million.

The deal, concluded with Corovest Offshore, will be funded through a combination of internal resources, capital raising on the London's AIM market and the issue of RIN linked units on the JSE. All conditions precedent to the transaction have been fulfilled.

RIN, which forms of the Redefine Properties stable, says the transaction is in line with the objective of increasing its presence in the UK property market and is expected to be earnings enhancing for linked unit holders in the medium to long term.

"The acquisition will complement the company's existing retail portfolio of 5 high quality shopping centres and by being located in the South East of the UK brings a better geographical balance to the UK property portfolio," the company said.

Source: I-Net Bridge