Cromwell Property Group
(ASX:CMW) has announced a $163 million equity raising via new shares, at an issue price of $0.785.
The proceeds will be used to reduce debt, provide additional working capital and to fund a new unlisted property syndicate.
The company says the syndicate has been established to hold a new office building under construction in Melbourne which will be occupied by the Australian Tax Office.
Cromwell Property Group generated a net profit of $23 million in the 2012 financial year.
