1 Sep 2015 10:45
REDEFINE INTERNATIONAL P.L.C.
("Redefine International" or the "Company")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
REDEFINE INTERNATIONAL DISPOSES OF CROMWELL SHAREHOLDING
Redefine International, the FTSE 250 UK Real Estate Investment Trust ("UK-REIT"), announces that it has disposed of its entire remaining shareholding in the Cromwell Property Group ("Cromwell"), held through its 100% owned subsidiary Redefine Australian Investments Limited, (the "Transaction" or the "Sale"). 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 ("ASX"), 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 AUD172.8m (GBP 80.4m). The transaction reflects a GBP57.1m surplus after settlement of the AUD50m 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."
For further information:
Redefine International P.L.C. | |
Michael Watters, Stephen Oakenfull | Tel: +44 (0) 20 7811 0100 |
FTI Consulting UK Public Relations Adviser | |
Dido Laurimore, Claire Turvey, Ellie Sweeney
FTI Consulting SA Public Relations Adviser Max Gebhardt | Tel: +44 (0) 20 3727 1000
Tel: + 27 (0) 11 214 2402 |
JSE Sponsor Java Capital | Tel: + 27 (0) 11 283 0042 |
Notes to editors:
Redefine International (RDI) is a FTSE 250 income focused UK-REIT with a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.
The Group invests in large, well developed economies with established and transparent real estate markets. Within these markets, Redefine International's £1 billion investment portfolio provides diversified exposure to the commercial, industrial, retail and hotel sectors.
Redefine International is focused on delivering sustainable and growing income to shareholders through investment in income yielding assets let to high quality occupiers on long leases. Capital values are enhanced and protected by asset management and other low capex development activities.
As a UK-REIT, the Group aims to distribute the majority of its earnings available for distribution on a semi-annual basis, providing investors with attractive income returns as well as exposure to capital growth opportunities.
www.redefineinternational.com