Redefine International (RPL) has completed the sale of the Lyon House and Equitable House sites in Harrow‚ northwest London for GBP13.77m.

The sites were sold to Redrow Homes‚ reflecting a 12.4% premium to book value as at 31 August 2013‚ Redefine said on Tuesday. Following a successful planning process‚ Redefine secured planning permission for 238 private residential units‚ 49 affordable housing units and approximately 33‚000 sq ft of commercial space.

“The disposal reflects a positive recycling of capital following a successful asset management strategy to convert the sites from commercial to predominantly residential use. The profit share provisions secure an ongoing interest in the development against an improving residential market‚“ the company said.

"This disposal‚ at a significant premium to book value‚ demonstrates how we can add and crystalise immediate value through successful asset management‚ whilst structuring the deal to ensure shareholders are able to benefit from the improving residential market‚" said Mike Watters‚ Chief Executive of Redefine International.