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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.