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RNS Number : 5163E

Redefine International PLC

07 April 2011

Redefine International plc

("Redefine International" or "the Company")

Acquisition of St Georges Shopping Centre

Redefine International, the AIM listed property investment and development company, is pleased to advise that the company has concluded an agreement ("the acquisition agreement") with Corovest Offshore Limited, in terms of which Redefine International has acquired all the issued shares and shareholder loan in St Georges Harrow Limited ("St Georges") for a purchase price of GBP25 million ("the transaction").

Rationale for the transaction

St Georges, a BVI registered special purpose vehicle, has exchanged contracts to acquire the St Georges Shopping Centre, Harrow ("the Centre") for a purchase price (after transaction costs) of GBP68 million. Debt of GBP43.125 million has been secured on favourable terms from a major German banking group.

The acquisition of the Centre is expected to be completed on or around 27 April 2011.

The Centre, 20,000 square meters in extent, forms part of the retail core of Harrow and has excellent links to both public transport and the M1 and M40 motorways. It is anchored by Boots, TK Maxx, Wilkinsons and Vue and comprises 23 retail shops, 3 restaurants, an 8 screen cinema, a health club, and a multi storey car park for 650 cars.

The Centre is of institutional investment grade quality and offers reversionary potential from a number of identified asset management opportunities.

The transaction is in line with the Company's objective of increasing its presence in the UK property market and is expected to be earnings enhancing for shareholders in the medium to long term. The acquisition will complement the Company's existing retail portfolio of 5 high quality shopping centres and by being located in the South East of the UK brings a better geographical balance to the UK property portfolio.

Salient terms of the transaction

The effective date of the transaction will be the date of transfer of ownership of the shares in St Georges into the name of Redefine International.

It is intended that the purchase price of GBP25 million, will be funded through a combination of internal resources and a capital raising by the Company. Details of the capital raising will be announced when this is finalised.

The acquisition agreement contains warranties typical for acquisitions of this nature.

All conditions precedent to the transaction have been fulfilled.

For further information, please contact:

 
 Redefine International plc                                    +27 (0)21 683 
  Gavin Tipper - Chairman                                               3829 
 Nominated Adviser and Broker to Redefine International 
  plc 
  Singer Capital Markets                                      +44 (0)203 205 
  Jeff Keating                                                          7500 
 Redefine International Fund Managers Limited 
  Miles Walton                                             +1 (284) 494 9820 
 Redefine International Management Limited                   +44 (0) 207 811 
                                                                        0100 
 Mike Watters

7 April 2011

This information is provided by RNS

The company news service from the London Stock Exchange

END

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