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.

After an intense tender and selection process by Webber Wentzel Attorneys, which received some 27 submissions by sector heavyweights including Redefine, Growthpoint, Zenprop, Intaprop and others, it has awarded the tender to Redefine Properties.

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.

Growthpoint says it is pushing ahead with its revised proposal to acquire Fountainhead’s portfolio despite the latter’s declaration last month that it had terminated talks in this regard.

The total value of retail in 2012 was R7.7 billion a decrease of 14% when compared to R8,9 billion transactional value in 2011.