1st Sep 2014 07:33
LONDON (Alliance News) - Real estate investment trust Redefine International PLC Monday said it has disposed of 54.24 million securities in its associate company the Cromwell Property Group held through its subsidiary Redefine Australian Investments Ltd.
The transaction means Redefine's holding in Cromwell will reduce to 9.99% from 13.13%.
Cromwell, a stapled security listed on the Australian Stock Exchange consists of the Cromwell Diversified Property Trust and Cromwell Corporation Ltd.
The Cromwell securities were sold on the ASX at a 0.8% premium on the 30 day volume-weighted average price for AUD54.48 million or GBP30.66 million.
Redefine said the transaction reflects a GBP2.01 million surplus on the February 28 interim valuation.
The group said the transaction is in line with its aim of "recycling capital into new high yielding opportunities where it can use its asset management expertise to extract future value on behalf of shareholders."
The proceeds of the sale will be used to further strengthen the company's cash position and for general investment purposes.
Redefine International shares were quoted up 0.6% at 52.11 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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