Redefine International dispose remaining shareholding in Cromwell Property Group

Posted On Tuesday, 01 September 2015 15:26 Published by
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Redefine International, the FTSE 250 UK Real Estate Investment Trust announces that it has disposed of its entire remaining shareholding in the Cromwell Property Group, held through its 100% owned subsidiary Redefine Australian Investments Limited.

CEO_Mike_Watters_Redefine

The Transaction is in line with the Company’s stated strategy to dispose of its non-core assets, of which its Cromwell shareholding was one.

Cromwell, a stapled security listed on the Australian Stock Exchange, comprises the Cromwell Diversified Property Trust and Cromwell Corporation Limited.

Macquarie Bank Limited was appointed to sell the shares on the Company’s behalf. The Sale was conducted through an accelerated book build and the holding was sold on the ASX at a discount of 3.85% to the market opening price for a total consideration of AUD172.8 million (GBP80.4 million).

The transaction reflects a GBP57.1 million surplus after settlement of the AUD50 million debt facility secured against the investment.

The proceeds of the Sale will strengthen the Company’s cash position and will be utilised, when opportune, to acquire properties in the Company’s core investment markets of the UK and Germany.

Commenting, CEO Mike Watters said: “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.”

 

 

Last modified on Tuesday, 01 September 2015 15:50

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