Australia's Cromwell gains on sale of European fund platform

Cromwell Property

23/05/2024 02:01

** Shares in Cromwell Property  CMW.AX  up 5.8% at A$0.46
    ** The Australia-based real estate investor and fund manager
to sell its European fund management platform and co-investments
for A$457 mln ($302.7 mln) 
    ** Sees proforma earnings impact of negative 8%3 from deal
with Stoneweg 
    ** Says deal will allow co to simplify business and
transition to a capital light fund management model,
    ** Including session's gains, stock has risen about 10% so
far this year


($1 = 1.5099 Australian dollars)

 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))