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.