Jonathan Callaghan News Today

The property group has announced the sale of its European funds management platform for $457 million as it looks to Australia and New Zealand for future growth.

Cromwell Property Group is selling its European fund management platform, including its Italy Urban Logistics Fund and European REIT, to Stoneweg.

In a transformational deal, long struggling Cromwell has sold out of its European exposures, sending its stock surging as investors welcomed the move.

Finance and investment news for Australian investors, their advisers and the financial services industry.

Weakening conditions – along with a squeeze on redemptions – have combined to blow up an ambitious plan to combine two unlisted funds.

Day one of the Property Summit heard that trends accelerated by the pandemic appear set to reshape Australian cities.

Cromwell is in due diligence talks to sell most of its Polish retail fund, which would lower its gearing from 42.6 per cent to “somewhere in the low 30s”. 

The Gary Weiss-led Cromwell Property Group has boosted its suite of funds under management in a deal with Australian Unity that will add another 15 new properties to the portfolio.

The Gary Weiss-led Cromwell Property Group has boosted its suite of funds under management in a deal with Australian Unity that will add another 15 new properties to the portfolio.

Cromwell says the fund comprises seven properties in Northern Italy that are fully let to DHL.