Johannesburg - Redefine Properties said on Friday that it was in advanced negotiations for the acquisition of an offshore portfolio of assets.
The listed property company did not identify the assets it was proposing to acquire or their geographical location.
But Redefine advised shareholders to exercise caution when dealing in the company’s shares because the proposed transaction, if successfully concluded, might have a material effect on the price of its shares.
The proposed offshore transaction is in line with Redefine’s previously stated strategy.
The company said its intention was to deepen its international presence, but not necessarily by increasing its shareholding in listed Australian property group Cromwell or in Redefine International, but rather by investing in the Australian office market with Cromwell and in German shopping centres with Redefine International as partners.
BUSINESS REPORT