Redefine CEO Marc Wainer
Property group Redefine Properties plans to increase its shareholding in Fountainhead Property Trust by up to 250-million units.
Redefine, which was currently the largest single Fountainhead participatory unit holder with nearly 46% as at February, proposed to swap 110 Hyprop units for every 1 000 Fountainhead units on a first come, first served basis.
“This will progress Redefine’s stated intention to increase our stake in Fountainhead and exit our holding in Hyprop,” Redefine CEO Marc Wainer said in a statement on Wednesday, adding that the deal would further align the interest between Redefine and Fountainhead unit holders.
The offer, which opened Wednesday, would close at the end of business on Friday, October 18.