Property Group Cromwell in $300m equity raising

Company News

by Rachael Jones

Property Group Cromwell (ASX:CMW) today announces that it is undertaking a 2 for 13 accelerated non-renounceable entitlement offer of stapled securities in Cromwell to raise up to approximately $300 million at a fixed issue price of $0.98 per security.

The Equity Raising is partially underwritten and, together with commitments received from major securityholders, the minimum proceeds are $210 million (Committed Amount).4

Proceeds from the Equity Raising will be used to fund Cromwell’s approximately $124 million equity commitment in Cromwell European Real Estate Investment Trust’s (CEREIT) entitlement offer (CEREIT Investment); and repay debt and fund growth opportunities.

Approximately 45 per cent of European AUM will be long-term in nature following the completion of CEREIT’s recently announced acquisitions.

Shares in Cromwell (ASX:CMW) Last traded at $1.03.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.