Property Development

Cromwell Buys Sydney Office Building from Goodman Group

Dexus Completes Industrial Estate in Western Sydney
Written by The ReReport
As seen in the Source link, written by theurbandeveloper.com on 2019-07-01 15:17:01

Separately, Cromwell has sold the remaining 50 per cent interest in its Northpoint Tower to Hong Kong investor Francis Choi for $300 million.

The sale, along with the execution of a new €225 million three-year syndicated facility, will support the group’s growth into Europe.

Cromwell had flagged half a billion of office and retail opportunities in Europe along with another $1 billion of value-add opportunities across its existing portfolio.

Cromwell chief executive Paul Weightman said the facility, along with the proceeds of its $375 million placement, will help the group execute on its “invest to manage” strategy.

“[And] provide us with the increased flexibility required to support the continued growth of our European funds management business,” Weightman said.

The group said it will continue to execute on its “invest to manage” strategy in its equity raising presentation on Wednesday, with more than $1 billion of identified acquisition opportunities currently in due diligence and advanced negotiations.

One of those, 400 George Street in Brisbane, is undergoing due diligence with owners Blackstone and HSBC for a reported $530 million.