Cromwell Property Group (ASX: CMW) has announced it will sell its 50% stake in 475 Victoria Avenue, Chatswood, NSW. Cromwell is a real estate investor and manager with $4.5 billion of assets under management in Australia and New Zealand. The company partners with local and global investors, capital providers and banking partners, delivering risk-adjusted returns throughout the real estate investment cycle.
The sale price for Cromwell’s share is approximately $87 million, subject to standard settlement adjustments. The transaction is conditional, requiring standard approvals including FIRB and finance. Cromwell expects the sale to positively impact its FY2026 earnings and reduce the Group’s gearing by approximately 3%. The sale price reflects a 9% discount to the most recent valuation, which was $101.5 million for 50% as at 31 December 2024 (draft valuation as at 30 June 2025).
Cromwell originally purchased the asset in 2006 for $110 million. In 2020, it sold 50% to its joint venture partner for $120 million. The Group will realise a property IRR of over 8.5% over the investment period. The transaction is anticipated to be completed in the first quarter of FY2026.
The announcement was authorised for lodgement by Andrew Murray, Chief Legal and Commercial Officer, and Michael Foster, Company Secretary and Senior Legal Counsel.
