Property trust and funds manager Cromwell Group is an ASX listed stapled security (ASX: CMW) comprising Cromwell Corporation Limited (ACN 001 056 980) and Cromwell Diversified Property Trust (ARSN 102 982 598). The Group is an Australian owned entity with a track record of developing high quality, high yielding investment products and delivering growth to investors.
Listed Entity
Cromwell Group is a stapled security trading on the ASX. On 12 December 2006, the Group initiated trading at $1.20 with a market capitalisation of $835 million.
This milestone was achieved after the successful merger of the Cromwell Diversified Property Trust (the Trust) with 5 Cromwell managed Syndicates and the subsequent stapling of the consolidated Trust to Cromwell Corporation Limited (the Company) creating a group with property assets of approximately $1 billion.
Upon listing, Cromwell Group became the 17th largest listed entity in Queensland and the 190th largest listed entity in Australia.
Approximately 70% of forecast distributions for the year ending 30 June, 2008, will come from the Trust’s property income with the balance coming from the ongoing management of property assets, development and projects, and fund management activities carried out by the Company and its wholly-owned subsidiaries.
The Company continues to build it's portfolio of properties under management, and provide investors with outstanding returns. It has over $1.7 billion in assets under management and successfully services the property requirements of over 240 tenants throughout Australia.
key business units
Cromwell has two key business units, allowing it to maintain greater efficiencies in all aspects of its property investment activities; from equity and capital raising to property management and leasing. The two business units are:
Cromwell Property Securities Limited (ABN 11 079 147 809) is an unlisted public company and was incorporated expressly for the purpose of promoting and managing planned investments. CPS holds an Australian Financial Services licence, issued by the Australian Securities & Investment Commission (ASIC) entitling it to act as a single responsible entity of direct property and mortgage funds. This subsidiary is responsible for funds management and capital raising for the Group’s investment products.
Cromwell Property Services Pty Ltd (ABN 68 080 159 280) holds a corporate real estate licence and performs an ongoing role in managing the property portfolio of the Group. This includes an integrated property management strategy that is highly focused on proactively managing the lifecyle of the properties and includes all aspects of property management from acquisition, ongoing management and disposal.
To read about the history of Cromwell, click here.