Singapore’s ARA Asset Management to acquire 19.5% in Cromwell

ARA Asset Management has agreed to acquire a 19.5 percent stake in Cromwell Property Group from South African–based REIT Redefine Properties for A$405.9 million ($319 million).

The acquisition is subject to the approval of Australia’s Foreign Investment Review Board.

Cromwell recently released its half yearly (HY18) results, flagging active value enhancing opportunities at Victoria Avenue in Chatswood, Tuggeranong Office Park in Canberra and Collins Street in Melbourne, as well as increased investment in its funds management business.

This includes investment into Cromwell’s European funds platform, which has €4 billion ($5 billion) in assets under management and its 35 percent sponsor stake in Cromwell European REIT (CEREIT). CEREIT was listed on the main board of the Singapore Stock Exchange in November 2017.