Straits Trading partners Cromwell, divests 19.9% of Australian industrial portfolio for A$47.6 million
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Straits Trading has partnered with Cromwell Property Group to divest 19.9% of its Australian industrial portfolio for A$47.6 million. The deal involves a two-phase process, with the first phase expected to complete by Dec 31, 2023, where Cromwell will acquire the stake and Terre Property Partners. The portfolio, valued at A$470 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.
Source: Businesstimes The copyright of this article belongs to the original author/organization.
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