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ReDefine increases Australian property stake

ReDefine property has increased its stake in Australian property by part funding a portfolio purchase.

Redefine Properties is increasing its stake in Cromwell Property Group by taking up $65.6 million of Cromwell’s capital raise.

The organisation was raising money to fund a portfolio acquisition from Cromwell of government properties.

While the Redefine chief executive officer (CEO) Marc Wainer said direct property holdings in Australia would be preferable, he remained excited by the opportunity.

“It’s our stated intention to deepen our presence in Australia. This take up of capital grows ReDefine’s interest in Cromwell from ten per cent  to 12.5 per cent,” he said.

The portfolio - which was worth $405 million in total - includes seven office properties from the New South Wales government, three of which are in Sydney’s central business district.

A-grade Symantec House, B-grade McKell Building and Bligh House are thought to be some of the buildings included in the sale.

Mr Wainer said that properties of the quality found in the portfolio are achieving a nine per cent yield in Australia.

Posted by Craig Francis

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