The Gary Weiss-led Cromwell Property Group has boosted its suite of funds under management in a deal with Australian Unity that will add another 15 new properties to the portfolio.
Listed property trusts in the challenged office and discretionary retail sectors are trading at discounts not seen since the global financial crisis.
Office and industrial landlords have survived the impact of the pandemic and are looking to thrive as people return to the office,albeit in a more flexible split between working from home and office.
Plans for apartments in a Melbourne 4-storey skyscraper that rely on bed rooms with no windows to the outside have run afoul with city officials.
Cromwell faces D-Day on Friday when its agitator shareholder and unwanted suitor ARA makes its third play for board positions.
Cromwell Property Group and partner Blackrock have lodged new plans including a third office tower as part of its $123 million project in Chatswood.
ARA Asset Management is accusing Cromwell Property Group’s board of “erratic and undisciplined” behaviour in the latest salvo in its bitter battle to take over the property fund.
ARA Asset Management steps up its bitter battle with Cromwell,seeking to clear out the property landlord's board with an unsolicited $520m takeover bid.
Cromwell was until recently a boring property trust that owned rather unglamorous properties in Canberra with government tenants. But it's now growing very suspicious about its Chinese-backed Singapore investors.
This unpleasant feud was started after Cromwell's then chairman Geoff Levy and chief executive Paul Weightman decided not to let ARA to replace its old board representative David Blight.
Cromwell Property has sold a 50 per cent stake in the office block at 475 Victoria Avenue,Chatswood,for $120 million