Johannesburg and London-listed property investor Redefine International has completed the acquisition of three shopping centres in Germany.
Johannesburg and London-listed property investor Redefine International has completed the acquisition of three shopping centres in Germany.
The transaction was signalled in mid-August with the final acquisition price due to be fixed by the end of the month. The deal relates to Schloss-Strassen Shopping Centre in Berlin; Bahnhof Altona Shopping Centre in Hamburg and City Arkaden Shopping Mall in Ingolstadt.
The vendors were funds managed by Irish real estate investment manager CMC Capital.
In an update on the deal, Redefine said the consideration for the Hamburg and Ingolstadt assets has been fixed at €19.3 mln in cash and 12.6 million new ordinary shares of 8 pence each in Redefine International.
The payment for the Berlin asset will be settled on 6 December 2013. The final acquisition price will be €12.1 mln in cash and about 19.6 million Redefine shares. The total sum payable for the portfolio will therefore comprise 32.2 new ordinary shares of 8 pence each at an effective issue price of 40 pence per share and €31.4 mln in cash.
Redefine has applied to have the Hamburg and Ingolstadt consideration shares admitted to trading in London on Tuesday, 3 September.
