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:-

CROMWELL OUTPERFORMS WITH FULL YEAR OPERATING EARNINGS

• 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