Cromwell Property Group approaches RDI Reit for merger talks

Cromwell had until April 23 to make a firm buyout offer.

JSE-listed RDI Reit confirmed that it had been approached regarding a possible take-over offer from Australia-based Cromwell Property Group.

According to media reports, Cromwell Property Group was seeking to acquire the entire share capital of RDI Reit, which has a primary listing in London, and a secondary listing on the JSE.

RDI said Cromwell had until April 23 to make a firm offer.

“There can be no certainty that any offer will be made, nor as to the terms of any such offer. The board will keep shareholders updated as appropriate,” it said in a statement.

RDI was formerly known as Redefine International and has a property portfolio valued at about £1.65 billion in the UK and Germany.

Redefine Properties, which is one of the largest property companies on the JSE, owns a 29 percent stake in RDI Reit. A successful merger between RDI Reit and Cromwell might see Redefine Properties sell its shareholding.