1st Sep 2015 09:54
LONDON (Alliance News) - Real estate investment trust Redefine International PLC on Tuesday said it has agreed a deal to sell its remaining stake in Cromwell Property Group.
FTSE 250-listed Redefine said the sale of the stake was conducted via an accelerated bookbuild on the Australian stock market and generated AUD172.8 million for the company.
The proceeds from the sale will be used to strengthen Redefine's cash position and to acquire properties in the UK and Germany.
"We have achieved excellent returns from our investment in Cromwell and the sale is in line with our objective of recycling capital from non-core investments into our core target markets of the UK and Germany. The proceeds will enable us to take advantage of a number of new and exciting investment opportunities which support our income focused strategy and our strong shareholder returns," said Redefine Chief Executive Mike Watters.
Redefine shares were up 1.0% to 53.25 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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