Cromwell Property Group has stepped up the defence of its record in an effort to defeat a hostile bid by its major shareholder, Singapore's ARA Asset Management, to install its own nominee to the board at the annual shareholder meeting on November 28.

The battle over the board position is the latest in a series of skirmishes between the Brisbane-based property fund manager, led by Paul Weightman, and ARA, headed locally by industry veteran David Blight, who stepped down from the board in July after the relationship between the two powerful investment houses turned toxic.