Cromwell Property Group has sold a Brisbane office tower for $108.5 million to private markets finance and investment house Wingate, as it moves ahead on plans to transform itself into a capital-light funds manager.
The sale of the office tower at 200 Mary Street represents a premium to book value of 8.1 per cent after settlement adjustments. Brisbane-based Cromwell has its own headquarters in the building, where it will retain its lease until 2024.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
