Cromwell Continues to Circle Investa, but Investa’s Lofty Price Makes a Transaction Less Certain
Little progress appears to have been made since Cromwell Property Group took its first steps towards buying out the balance of Investa Office Fund with a conditional offer of AUD 4.45 on Nov. 14, 2016. Cromwell’s intention is to convert Investa Office Fund to a wholesale fund that it will manage with a minority coinvestment stake. Investa Office Fund has shown a willingness to engage further by sharing selected confidential information, but this has stalled with Cromwell and Investa Office Fund ...Cromwell Property Group has five operating segments: property investment, which owns investment properties located throughout Australia; property/internal funds management, which includes property and facility management, leasing and project management for the trust and all of Co.'s managed investment schemes; external funds management - retail, which at June 30 2016, included nine Co.-managed external retail funds with combined assets under management of A$1.70 billion; external funds management - wholesale, which had combined assets under management of A$5.60 billion as at June 30 2016; and property development.
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