Australia's Cromwell Property to sell 6 Polish retail centres for $310 million (updated)

Cromwell Property

16/05/2024 24:16

(Adds deal details and CEO comment in paragraphs 2-4)
       May 16 (Reuters) - Cromwell Property  CMW.AX  said on
Thursday it would sell its six retail centres in Poland held by
Cromwell Polish Retail Fund for 285 million euros ($310.31
million) to Star Capital Finance, a real estate investor based
in Prague, Czechia.
    The deal is in line with real estate investor and fund
manager Cromwell Property's strategy to streamline the company
by disposing of non-core investments, Cromwell said.
    Cromwell plans to use the sale proceeds to repay debt.
    "The completion of this sale, and subsequent debt repayment,
significantly simplifies our business, bringing us closer to our
goal of being a capital-light fund manager," CEO Jonathan
Callaghan said.
    
 ($1 = 0.9184 euros)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Alan
Barona)
 ((Roshan.Thomas@thomsonreuters.com;))