Redefine associate, Cromwell, releases year-end results

Posted On Thursday, 23 August 2012 16:13 Published by
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Redefine International, the London-based diversified income-focused property company, announced today that its associate company, the Cromwell Property Group (“Cromwell”), released its results for the year ended 30 June 2012.


Cromwell is an Australian Property Trust listed on the Australian Stock Exchange in which Redefine International currently has a 23.08% interest held through its wholly-owned subsidiary Redefine Australian Investments Limited.

The highlights for the year are set out below:-


• Operating earnings up 23% to a record $80.01 million (7.5 cps)
• Statutory accounting net profit of $23.1 million (2.2 cps) impacted by interest rate swap re-valuations and the HQ North and Bundall Corporate Centre acquisition costs
• Acquisitions totalling $249.5 million increased value of portfolio to $1.72 billion with NTA of $0.67 per security
• Full year distributions of 7.0 cps
• Offer to acquire all the units in unlisted Cromwell Property Fund (CPF) subject to CPF unitholder approval and other conditions
• Forecast FY13 operating earnings of minimum 7.5 cps and distributions of 7.25 cps

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