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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.