Redefine International (RPL)‚ the UK real estate investment trust (Reit)‚ on Monday announced that it had disposed of 54.24-million Cromwell Property shares held through subsidiary Redefine Australian Investments for a total consideration of £30.66m.

Cromwell is an Australian property investment and fund management group. It has a property portfolio valued at $2.3bn and a fund management business with $1.2bn of assets under management.

Cromwell is listed on the Australian Securities Exchange (ASX). Following the transaction‚ Redefine International's holding in Cromwell would decrease from 13.13% to 9.99%. The company said the proceeds of the sale would be used to further strengthen the company's cash position and for general investment purposes. CEO Mike Watters said: "We have achieved excellent returns from our investment in Cromwell and remain a committed shareholder.

"The sale of part of the company's investment in Cromwell is in line with our objective of recycling capital across the different parts of the company's diversified portfolio‚ enabling us to take advantage of a number of new and exciting UK- and European-based investment opportunities‚ which support our income-focused strategy."