CROMWELL ACQUIRES N.Z. PROPERTY GROUP

Written on the 5 June 2014 by Paris Faint

CROMWELL ACQUIRES N.Z. PROPERTY GROUP CROMWELL Property Group (ASX: CMW) has seized an opportunity to build a strong company presence in New Zealand, announcing the acquisition of a 50 per cent interest in property and funds manager Oyster Group.

It’s a big ticket deal, with Oyster Group holding more than $NZ650 million of property assets under management through private property syndicates and institutional property management mandates.

Cromwell CEO Paul Weightman says that as New Zealand begins a phase of economic upturn, the transaction is both timely and beneficial for both parties.

“Recent economic data suggests New Zealand is entering a new period of strong, sustainable growth,” says Weightman.

“We believe we have the right partner at the right time to take advantage of these conditions and build a solid, profitable business.”

As part of its plans to accelerate company growth, Oyster Group has partnered with Cromwell, while company executives including CEO Mark Schiele still retain 50 per cent ownership.

Cromwell executives say the acquisition provides a solid base for company expansion in New Zealand, and that both companies’ plans for the future are aligned.

“The existing Oyster management team has laid a strong foundation and we see tremendous potential for growth with the prudent application of the capital resources and expertise of Cromwell,” says Weightman.

“It has been a long time since we had any significant presence in New Zealand and we are looking forward to the opportunity we have with Oyster.” 

Author: Paris Faint

Latest News

THE STAR'S STUNNING ANSWER TO CROWN'S BARANGAROO

THE Star Entertainment Group (ASX:SGR), not to be outdone by James Packer's Barangaroo development across the ...

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter