Redefine sells remaining stake in Cromwell Group
Real estate investment trust Redefine International has sold its remaining stake in the Cromwell Property Group, held through its fully-owned subsidiary Redefine Australian Investments, in line with its strategy to dispose of non-core assets.
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Macquarie Bank sold the shares 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, or £80.4m.
Redefine said proceeds from the sale will strengthen its cash position and will be used, when appropriate, to buy properties in the company’s core investment markets of the UK and Germany.
Chief executive officer 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."
At 1056 BST, Redefine shares were up 1% at 53.25p.