South African's Redefine Properties in Talks to Buy a Share of Cromwell

SOUTH African property group Redefine Properties is reported to be in discussions to buy a 25 per cent stake in the Brisbane-based Cromwell Group property trust.

Cromwell revealed it was in talks with the South African company in statements to the market.

"Cromwell is discussing corporate opportunities with a number of parties, includign some potential institutional investors," the trust said in a market announcement reported by the AFR.

"None of those prposals are complete, either because fundamental commercial terms are still being discussed and/or due diligence has not been undertaken."

"We confirm that there is no certainty that any transaction, whether a placement fo securities or otherwise, will occur and any possible transaction would be subject to all regulatory requirements."

Redefine's agressive growth model includes buying Australian commercial property assets, it is reported.