Johannesburg - Shareholders in listed Redefine International have approved all the resolutions required for its proposed acquisition of a R10 billion (£489 million) portfolio from the Aegon UK Property Fund and Banbury Cross Retail Park for R1.09bn (£52.5m), also from Aegon, to proceed.
The resolutions were passed by a 99.9 percent majority at an extraordinary general meeting held in London on Friday. The portfolio comprises 19 properties valued at £439.9m (R9.26bn) that generate an annual passing rent of £23.5m, while Banbury Cross Retail Park comprises 17 retail units.
The timing of the completion of the acquisition is split into two tranches, with the first comprising nine properties that are expected to be completed during about next week at a purchase price of £203.5m.
The second tranche, comprising 10 properties, is expected to be completed on about March 1 next year at a purchase price of £233.7m.
Redefine shares on the JSE ended on Friday up 0.51 percent at R11.73.
BUSINESS REPORT