Redefine International completes German acquisitions

Redefine International‚ the London-listed subsidiary of JSE-listed Redefine Properties International‚ said on Monday its acquisition of three shopping centres in Germany was completed on August 30.

The company acquired three “prime” shopping centres in Berlin‚ Hamburg and Ingolstadt.

Redefine International said the consideration in respect of the Hamburg and Ingolstadt assets had been confirmed on completion as EUR19.3m in cash and 12‚606‚061 new Redefine International ordinary shares of 8p each.

“It has also now been confirmed that the consideration for the Berlin asset‚ to be settled on December 6‚ will be made up by way of an issue of approximately 19‚635‚340 new ordinary shares of 8p each in Redefine International … at an effective issue price of 40p per share‚ and euro12.1m in cash.” It said the precise number of shares would be determined by the pound-euro exchange rate on November 29.

The shares for the Berlin centre acquisition were expected to be issued and admitted to trading after the final dividend for the year ended August had been declared and paid‚ and as such would not rank for the dividend.

“Following admission of the Hamburg and Ingolstadt consideration shares and the 40-million placing shares announced on August 23‚ which is expected to occur on September 3‚ the total number of voting rights in the company will be 1‚020‚569‚818.”

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