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Johannesburg - In order to take advantage of favourable opportunities in overseas property markets, listed property company Redefine is going to increase from 28.6% to 56% its interest in foreign property investment and development company Ciref.
The timing is perfect and for those with a bulging cheque book outstanding property opportunities exist in Britain, Europe and Australia, reckons Redefine joint chief executive Marc Wainer.
He says Ciref will be re-named Redefine International and be listed on the JSE early next year to house Redefine's offshore interests.
The group is on the lookout for more foreign interests. Negotiations for an acquisition in Australia are well advanced.
Ciref, which invests mainly in commercial property in Britain and Europe, is listed on the London Stock Exchange's Alternative Investment Market (AIM) and plans are in progress to transfer it to the main bourse at a later stage.
The listing on the JSE will follow Ciref's capital-raising of €38m (R475m) through a successful placement, which is still subject to the approval of shareholders.
On Wednesday Ciref announced its results for the year to end-September. The global credit crisis contributed to it suffering a net loss of €31.79m (R397.38m) as a result of the revaluation of its properties.
Profit from core operations increased by 21.9% to ?6.67m (R83.38m).
For more business news in Afrikaans, go to Sake24.com
- Sake24