Starwood Capital Group, a private equity firm, agreed to acquire a 29.42% stake in RDI REIT, a property investment business from Redefine Properties, a South Africa-based real estate investment trust for $131m. Redefine will use the sale proceeds to settle the 2021 bonds and to further lower its other debt facilities. The transfer of the remaining shares is conditional upon acceptance of the tender offer being at a level that entitles Redefine to exercise a clean-up call. "The exit out of RDI substantially advances Redefine’s stated intention of simplifying and solidifying its asset platform, as well as eliminating multiple entry points for South African equity investors into the same investment opportunities. Furthermore, it also improves the company’s risk profile by eliminating a risk universe over which it has no direct management influence," Andrew König, Redefine CEO.