Listed fund manager Cromwell Property Group has announced a strategic review and the retirement of its chairman Geoff Levy this month as it fends off fresh attacks by its largest shareholder, Singaporean real estate giant ARA Asset Management.

In a dramatic turn of events on Tuesday, Cromwell's corporate moves came just hours after ARA announced its intention to call an extraordinary general meeting to vote on the removal of Mr Levy and a second motion to appoint its nominee, Gary Weiss, to the board.