Redefine International said it has exchanged contracts with Patrizia Immobilien for the sale of the Leopard German supermarket portfolio for â¬205.0m, with completion expected to occur in December.

The payment reflects a 10.8% premium to the asset's August 31 book value, Redefine said.

"This opportunistic disposal capitalises on an exceptionally strong investment market and an approximate 11% increase in the value of the euro relative to sterling over the investment period," it added.

At 9:59am: (LON:RDI) Redefine International share price was -0.39p at 38.46p