Struggling Brisbane-based fund manager Cromwell Property Group has sold its European platform for $457 million, which, coupled with the sale of a Polish malls portfolio last week, completes its exit from Europe and dramatically deleverages the $1.1 billion ASX-listed company.
Chaired by Gary Weiss and led by Jonathan Callaghan, Cromwell’s perseverance was quickly rewarded, with its stock jumping on the news and closing 8 per cent higher at 47¢.
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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
