Redefine International disposes of R54.24m Cromwell Property shares

Posted On Tuesday, 02 September 2014 09:24 Published by
Rate this item
(0 votes)

Redefine International disposes of 54.24m Cromwell Property shares held through subsidiary Redefine Australian Investments for a consideration of GBP30.66m, says group.

Mike Watters

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."

Most Popular

Vantage Capital arranges R430 million of mezzanine funding for Collins Residential, one of South Africa’s largest residential developers

Jan 24, 2022
Murray-Collins-1024x684
Vantage Capital (www.VantageCapital.co.za), Africa’s largest mezzanine fund manager,…

SARB to hike the repo rate at the next MPC meeting

Jan 24, 2022
Lesetja_Kganyago (1)
The SARB’s Monetary Policy Committee is set to increase the repo rate this week,…

November non-residential building statistics release could point to weakening in commercial space building activity in 2022.

Jan 24, 2022
John_LoosFNB
The StatsSA November 2021 release of non-residential building plans pointed to early…

Banks’ appetite for home loans to remain robust in 2022

Jan 20, 2022
Rhys_Dyer_Ooba (1)
According to statistics from ooba, South Africa’s foremost home loan comparison service,…

November 2021 Hotel Accommodation Statistics

Jan 24, 2022
John_LoosFNB
November hotel revenues - strong year-on-year growth off a low 2020 base, but still far…

Please publish modules in offcanvas position.