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Redefine Properties sells Cromwell stake for 3.73B South African rand

Cromwell Property Group's largest stakeholder Redefine Properties Ltd. agreed to sell a 19.5% interest in the company to Singapore-based ARA Asset Management Ltd. for roughly 3.73 billion South African rand.

The transaction is subject to Foreign Investment Review Board approval.

Redefine, a diversified South African real estate investment trust, will retain a 3.09% stake in the Australian-listed real estate fund manager.

As of March 6, US$1 was equivalent to 11.80 South African rand.