| Mon 27 Feb 2012, 17:03 | | RIN - Redefine Properties International Limited - Cromwell release half year |
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RIN
RIN
RIN - Redefine Properties International Limited - Cromwell release half year
results
Redefine Properties International Limited
(Incorporated in the Republic of South Africa)
(Registration number 2010/009284/06)
JSE share code: RIN ISIN Code: ZAE000149282
("RIN")
Set out below is an announcement which was released by Redefine
International P.L.C. (formerly Wichford P.L.C.), the London Stock Exchange-
listed subsidiary of RIN, on the Regulatory News Service ("RNS") of the
London Stock Exchange today, 27 February 2012.
"REDEFINE INTERNATIONAL P.L.C.
("Redefine International" or the "Company")
CROMWELL RELEASE HALF YEAR RESULTS
Redefine International is pleased to announce that its associate company,
the Cromwell Property Group ("Cromwell"), has today released its half year
results for the period ended 31 December 2011. Cromwell is an Australian
Property Trust listed on the Australian Stock Exchange, in which the Company
currently has a 23.2% interest held through its wholly-owned subsidiary
Redefine Australian Investments Limited.
Cromwell`s half year financial report can be found at
http://www.cromwell.com.au/aboutcromwell/newsroom/. The highlights for the
period are set out below:-
CROMWELL PORTFOLIO UNDERPINS STRONG FIRST HALF
1H12 HIGHLIGHTS
- Operating earnings of AUD37.0 million (3.8 cps), up 13%
- Statutory accounting loss of AUD6.8 million (0.7 cps) impacted by fair
value of interest rate swaps
- Earnings from property investments of AUD37.5 million, up 15%
- Acquired HQ North Tower, Brisbane for AUD186 million
- Agreed terms to re-acquire Bundall Corporate Centre, Gold Coast for
AUD63.4 million
- Successful completion of a 2 year capital raising programme places the
Group in a position to drive
- earnings and NTA growth from capital recycling opportunities and funds
management activities
- Commenced AUD49 million equity raising for unlisted Ipswich City Heart
Trust
- Launch of Cromwell Real Estate Partners, targeting wholesale
opportunity fund investors
- Maintain guidance for FY12 (for year ending 30 June 2012) operating
earnings of 7.3 cps and distributions of 7.0 cps
Further enquiries:
Redefine International Property Management Ltd
Investment Adviser
Michael Watters, Stephen Oakenfull Tel: +44 (0) 20 7811 0100
Peel Hunt
Joint Corporate Broker
Capel Irwin, Matthew Armitt, Hugh Preston Tel: +44 (0) 20 7418 8900
Evolution Securities
Joint Corporate Broker
Chris Sim, Jeremy Ellis Tel: +44 (0) 20 7071 4300
FTI Consulting
Public Relations Adviser
Stephanie Highett, Dido Laurimore Tel: +44 (0) 20 7831 3113"
Sponsor to Redefine Properties International Limited
Java Capital
27 February 2012
Date: 27/02/2012 17:03:45 Produced by the JSE SENS Department.
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