Straits Trading partners Cromwell, divests 19.9% of Australian industrial portfolio for S$40.5 million

Straits Trading has partnered with Cromwell Property Group to divest a 19.9% stake in its Australian industrial portfolio for approximately S$40.4 million. The deal will occur in two phases, with the first phase expected to complete by December 31, involving Cromwell's acquisition of the stake and Terre Property Partners. The portfolio, valued at around S$399.3 million, includes seven industrial assets leased to major tenants. This partnership allows Straits Trading to recycle capital and invest in higher-return opportunities, with expected increases in net tangible assets per share post-transaction.