Cromwell Property Group has announced that Brookfield has entered into a binding agreement to acquire the remaining 19.9 percent stake held by ESR in the listed property group.
ESR Group deputy chief executive Phil Pearce commented in a Financial Standard article, “As part of ESR's stated strategy of noncore divestments to simplify its business, ESR has sold a 10.8 percent stake in Cromwell. Post-transaction, ESR will remain Cromwell's largest securityholder and retains a 19.9 percent stake, reflecting our confidence in Cromwell's outlook."
