Cromwell Property Group has received a takeover bid from fund manager ARA Asset Management to acquire 29 percent of Cromwell’s stapled securities.
The takeover bid, via ARA’s unit ARA Real Estate Investors 28, is to buy 29 out of every 100 Cromwell stapled securities not already owned by ARA at A$0.90 per security. The acquisition takes the stake owned by ARA to 52.6 percent.
