CROMWELL RAISES $193 MILLION
Written on the 30 May 2013
CROMWELL Property Group (ASX: CMW) has raised $193 million through the institutional component of its capital raising venture.
“We are delighted by the robust and continuing support demonstrated by Cromwell's existing institutional security holders and welcome a number of new institutional investors to Cromwell's register. We consider their support a strong endorsement of Cromwell's disciplined and highly successful investment strategy,” says Wiseman in a statement to the ASX.
The portfolio comprises three Sydney CBD assets ($316m) and four regional NSW assets ($89m). It boasts a 9.0 per cent yield with an overall weighted average lease expiry of 10 years. Settlement is expected in June. CMW’s investment portfolio increases to $2.3 billion with the acquisition.