Australia's Cromwell Property gains on deal for partnership in Europe

Cromwell Property

03/07/2023 04:51

** Shares of Cromwell Property Group  CMW.AX  rise as much
as 3.7% to A$0.555
    ** Stock set for bet day since Nov. 11, 2022, if gains hold
    ** Co says it has entered a binding agreement to create a
joint venture in Italy with Hong Kong-based Value Partners Group
    ** Co says the JV deal includes sale of a 50% stake in its
Cromwell Italy Urban Logistics Fund assets
    ** Adds settlement is expected in late July 2023, with co’s
European operations team set to continue to manage the portfolio
    ** CMW stock at its highest level since June 7
    ** Stock down 20.2% YTD, as of last close

 (Reporting by Ayushman Ojha)
 ((Ayushman.Ojha@thomsonreuters.com;))