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CROMWELL PROPERTY GROUP — Capital/Financing Update 2014
Jul 30, 2014
64673_rns_2014-07-30_9d98253a-eb11-4978-bfaf-aa219e412ea6.pdf
Capital/Financing Update
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ASX Announcement
31 July 2014
CROMWELL SELLS MELBOURNE ASSET FOR $208 MILLION
Cromwell Property Group (ASX: CMW) has exchanged an unconditional contract for the sale of its office property at 321 Exhibition Street, Melbourne, for $208 million, to an institutional buyer. The sale price represents a premium of 9.4% to the most recent independent valuation.
The Exhibition Street property is a 22 level A-grade office complex with 29,809 sqm of office accommodation, currently leased to Origin Energy, and 391 sqm of retail space.
Cromwell undertook an extensive refurbishment of the building between July 2010 and August 2011, including a full base building refurbishment and the installation of a state-of-the-art gas fired trigeneration plant which delivers heating and cooling for the building’s air conditioning system. Following the refurbishment, the building achieved a 5.5 Star Green Star rating.
CEO Paul Weightman said, “The disposal continues Cromwell’s strategy to maximise value from individual assets. Cromwell will look to redeploy the net sale proceeds over time for balance sheet acquisitions or to support new product offerings by our funds management business.”
Settlement of the Exhibition Street property is scheduled for 22 August 2014 and was negotiated by Colliers International.
ENDS.
Media Enquiries: Paul Weightman Managing Director/CEO +61 411 111 028 [email protected]
Cromwell Securityholder Enquiries: Investor Service Centre 1300 276 693
Cromwell Property Group (ASX:CMW) comprising Cromwell Corporation Limited (ABN 44 001 056 980) and Cromwell Property Securities Limited (ABN 11 079 147 809 AFSL 238052) as responsible entity for Cromwell Diversified Property Trust (ABN 30 074 537 051 ARSN 102 982 598). Further information and media releases can be found at the Cromwell website: www.cromwell.com.au