Real estate investor and fund manager, Cromwell Property Group has exchanged on the sale of 84 Crown Street, Wollongong.
The sale price of $53 million represents a premium to book value of 3.9% after settlement adjustments.
Settlement is expected to be in late February 2023.
The sale of this asset is in line with Cromwell’s strategy to simplify the Group structure by disposing of non-core assets and moving the company to be a global capital-light real estate fund manager, to
enhance long term value for securityholders.
Cromwell’s Chief Investment Officer Rob Percy said: “We are pleased to have exchanged on the sale of this asset and will use the proceeds to reduce gearing, which allows us to strengthen our balance
sheet in the face of uncertain global conditions. We will continue to de-risk the business until volatility in the global equity and debt markets begins to ease and attractive opportunities for reinvestment
present themselves.”
Acquired by Cromwell in 2013, 84 Crown Street, Wollongong is a campus-style office building located in the Wollongong CBD, between Crown Street and Market Street. The property is leased entirely to
the New South Wales Government.
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