Cromwell announces further write-down
Brisbane-based Cromwell Property Group has disclosed another significant write-down in the value of its Australian property assets for the six months ending December 31, 2023.
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Cromwell Property Group
Cromwell Property Group (Cromwell) is a Real Estate Investor and Manager that owns, manages and invests in commercial property.
Cromwell Property Group (ASX:CMW) is a Real Estate Investor and Manager with operations on three continents and a global investor base. The Group is included in the S&P/ASX 200. As at 30 June 2019, Cromwell had a market capitalisation of $3.0 billion, a direct property investment portfolio in Australia valued at $2.5 billion and total assets under management of $11.9 billion across Australia, New Zealand and Europe.
Cromwell’s platform comprises 420+ staff in 30 offices in 15 countries across Australia, New Zealand and Europe. Total Assets Under Management (AUM) are AUD $11.9 / €7.5 billion, diversely spread across a range of sectors including Office (60.0%), Retail (15.8%), Industrial/Logistics (12.3%), Property Securities (5.1%) and Other (3.3%). The portfolio comprises 270+ assets let to more than 3,800 tenants.
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CMW – Macquarie rates the stock as Upgrade to Neutral from Underperform
First-half earnings were well ahead of expectations. This was driven by development and performance fees. Despite the beat on expectations being driven by non-recurring items, Macquarie suspects there is upside risk to FY20 guidance.
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Cromwell Refinances Debt
Property and funds manager Cromwell Group (CMW) has refinanced its debt facilities totalling $248 million for the Cromwell Property Fund.
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