Australia's Cromwell Property falls most in 2 wks on JV stake sale

Cromwell Property

07/10/2022 04:38

** Shares of Cromwell Property Group  CMW.AX  fall as much
as 3.6% to A$0.675, set for their worst session since Sept. 23
    ** The real estate investor says it will sell its 50%
interest in LDK Healthcare JV to Anglican Community Services
    ** Co currently funds the JV, which operates seniors' living
villages, through equity contribution and A$148 mln (~$95 mln)
in secured interest-bearing loans
    ** CMW will receive A$20 mln for its stake, while loans
remain in place until end-Feb 2023
    ** Stock down ~19.5% this year, as of last close
 
 ($1 = A$1.5588)
 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))