Cromwell - History

	Cromwell Corporation Limited (originally called White River Timber Limited) was formed in the 1970s to acquire the White River Timber Group, which supplied hardwood to Housing Commission contractors in New South Wales.
	In 1988 the company was acquired by Corporate Investments Limited, a New Zealand listed company, and changed its name to Corporate Equities Limited. The company then embarked on a new direction of property development, project management and corporate investment. During the period from 1988 to approximately 1994, the company undertook many property related projects with varying degrees of success.
	From 1994 to 1996 the company’s activities largely consisted of realising its investments and scaling down operations. During this period the company changed its name to Westholme Limited, and in 1997 obtained a licence from the Australian Securities Commission (now ASIC) and commenced operations as a property syndicator.
	In August 1998 Westholme Limited was recapitalised which triggered a number of events including a new Board of Directors and a name change to Cromwell Corporation Limited. It is from this point that Cromwell as we know it today was born.
	Between 1998 and 2003 Cromwell purchased 14 properties in 5 states with a combined value of more than $300 million, $58 million of which became part of the Cromwell Diversified Property Trust (CDPT). Staff and resources were also increased to manage this and planned further growth.
	In 2004 the CDPT purchased 11 properties for $152 million and entered into a contract to acquire the landmark 700 Collins Street development at the gateway to the Docklands precinct in Melbourne. The acquisition was completed at a cost of $133 million in December 2004, and the property remains the cornerstone investment of the CDPT. The weighted average distribution for all of Cromwell’s funds in the 2004 calendar year was 9.91% pa.
	Cromwell successfully completed the sale of 3 property assets in 2005, delivering investors up to 20.2% pa IRR over the life of one particular scheme. Cromwell was responsible for 8 trusts and syndicates holding 26 properties valued at more than $882 million. The flagship CDPT finished the year with 19 properties across 7 states and territories valued at more than $581 million.
	In early 2006, the CDPT completed the acquisition of an additional 2 assets valued at $141 million and was fully subscribed in April after investors took up $25 million worth of units in the final week of the Trust being open. The CDPT was further boosted by the successful negotiation of a CMBS Note Issue to replace the existing bank debt. In July 2006, Cromwell unveiled a new investment vehicle to the market; the much anticipated Cromwell Property Fund (CPF). At August 2006, the CPF had acquired or contracted to acquire 5 properties valued at $276 million. On 12 December 2006, the Cromwell Group initiated trading 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 creating a group with property assets of approximately $1 billion. Cromwell Group became the 17th largest listed entity in Queensland and the 190th largest listed entity in Australia.
	In February, Cromwell announced the appointment of former PricewaterhouseCoopers partner David Usasz and experienced property industry executive Michelle McKellar as independent, non-executive directors. As part of an ongoing asset and capital management program the Group announced three major divestments in May and June. On May 16 the Group exchanged contracts for the sale of Village City Centre in Melbourne for $32.75 million. On June 27 Cromwell announced the sale of the Bundall Corporate Centre and associated development site for $106 million, 18 months after acquiring the assets for $52.9 million. The sale of 59 Goulburn Street, Sydney, for $92.5 million was announced on June 28. Also in June, Cromwell announced it had entered an agreement to acquire a commercial development site in Brisbane’s inner city. Cromwell will also fund construction of a highly-rated green building, to be called Synergy, on the site and will retain the asset on completion in late 2008.