Redefine Properties CEO Marc Wainer retires from the board of Hyprop Investments.

Redefine Properties seized the opportunity to increase its direct holding in Australian listed Cromwell Property Group this week by taking up Aus$65.6 million of Cromwell’s capital raise, which will partly fund Cromwell’s successful acquisition of a portfolio of government properties

Redefine Properties linked unit price rallied 3.7% to close at R11.20 on Thursday after the company reported growth of 7% in distributions to 33.7c per linked unit for the six months to the end of February.

Redefine Properties today reported 7% growth in its interim distribution of 33,7 cents per linked unit for the six months ended 28 February 2013, achieving the top end of its market guidance. 

With limited targets up for grabs in the market, many listed property groups are taking advantage of the cheap funding environment to restructure their debts and improve the quality of their existing portfolios.

The JSE had declined Growthpoint Properties’ request for a ruling that Redefine be precluded from voting on all resolutions relating to Growthpoint’s bid for Fountainhead’s R10bn portfolio‚ Redefine said on Monday.

Growthpoint released an announcement on 17 April 2013 leveling a number of allegations against Redefine and Fountainhead Property Trust Management Limited (“Fountainhead Manco”).

The battle between listed property heavyweights Growthpoint Properties and Redefine Properties for a R10bn blue-chip retail portfolio flared up anew on Wednesday, with Growthpoint digging in its heels and indicating that it has no intention of giving up on its bid.

Redefine Properties welcomes the decision by Fountainhead’s independent committee to terminate its engagement with Growthpoint following Growthpoint’s proposal to acquire Fountainhead’s assets.