Latest news
View latest updates and news here.
Latest news
View latest updates and news here.
Latest news
In early June, Cromwell completed the conversion of a multi-bank, $1.2 billion lending facility to a sustainability linked loan that includes ambitious targets in reducing emissions and our gender pay gap. Central to the new loan structure is:
- Greenhouse gas reductions, in line with Cromwell’s target for net zero scope 3 emissions by 2045, to reinforce the company’s position as an industry leader in reducing scope 3 emissions.
- Additional targets linked to our target of net zero scope 1 and 2 emissions by 2035.
- To reduce our gender pay gap to a maximum of 12% by 2028. This target forms part of Cromwell’s broader diversity commitments, which include maintaining pay parity across all roles, and maintaining 40:40:20 gender targets across all leadership levels within the organisation.
Cromwell’s Group Head of ESG, Lara Young, said that the new sustainability linked loan has created an opportunity to highlight the business’s focus on several critical topics, as part of its broader environmental, sustainability, and governance policy.
“We have been working with tenants and suppliers across all our upstream and downstream business activities – covering our entire supply chain of tenant activities; funds under management; joint ventures; and embodied carbon sources – to stretch our net zero approach beyond our operational control,” said Ms. Young.
“The progression we have made in this space has allowed us to set our most ambitious target to date, as part of this new sustainability linked loan – to reduce scope 3 greenhouse gas emissions intensity to equal, or less than, 30.16 (kgCO2e/m2) by 2028.”
“Importantly, by leveraging sustainability linked debt at the same time as meeting important social milestones, Cromwell Property Group can move significantly closer to meeting our current and future ESG responsibilities, including a Cromwell portfolio Net Zero Scope 1 and 2 target by 2035.”
In-mid May, Cromwell announced the sale of six retail centres across Poland, held by the Cromwell Polish Retail Fund for €285 million / $465 million, which is in line with asset valuations announced at HY24 results.
The purchaser, Star Capital Finance, is a diverse real estate investor based in Prague, Czechia.
This follows the sale of Cromwell’s 50% share of its joint venture retail asset in Ursynów, Poland, which completed on 29 February 2024, to joint venture partner Unibail Rodamco for €41.5 million / $69 million.
These transactions are a crucial step in the Group’s continued simplification through the sale of non-core assets to de-risk the business, reduce gearing and realign to Cromwell’s core fund and asset management capabilities.
Full story here.
On 23 May, Cromwell announced that the business has entered into a binding agreement for the sale of Cromwell’s European fund management platform and associated co-investments for a total consideration of €280 million/$457 million to Geneva-headquartered Stoneweg SA Group.
Stoneweg is multi-strategy real estate investment manager with over €4.0 billion of assets under management.
The Transaction covers all components of Cromwell’s European business, excluding the Cromwell Polish Retail Fund assets, which were subject to a separate sale process, which completed on 15 May 2024 in Europe.
The sale of our European assets is consistent with the Group’s commitment to simplify the business to transition to a capital-light funds management model. The exit from the European business allows Cromwell to focus on its core competencies in Australia and New Zealand – and positions the platform for future growth.
Full story here.
The NABERS Sustainable Portfolio Index (SPI) results have been released for 2024 – and Cromwell has again achieved a top five position for both the Cromwell Direct Property Fund and Cromwell’s investment portfolio.
Cromwell’s Direct Property Fund
- Cromwell’s Direct Property Fund (DPF) ranked fifth spot in the ‘Offices and Shopping Centres’ category for 2024 and was awarded a 5.3 portfolio energy rating by NABERS.
Cromwell’s investment portfolio
- Cromwell’s investment portfolio has been awarded the fourth spot in the ‘Offices and Shopping Centres’ category for 2024 with a 5.4 portfolio energy rating by NABERS.
This result reaffirms Cromwell’s continued commitment to sustainability across our business, and we commend everyone in the business who helped achieve this impressive result.
Now in its sixth year, the SPI includes 60 office and shopping centre portfolios, as well as covering public hospitals for the first time, with 133 Victoria Health assets included.
The index offers a unique, whole-of-portfolio view of actual performance across energy efficiency, water efficiency, waste management, indoor environment quality, and carbon neutrality.
For years, Cromwell’s Insight magazine has been one of the commercial property sector’s premier publications – a regular way for us to connect with you, our investors. We continue to endeavour to bring you the most relevant, engaging, and insightful content in each edition.
We’re conscious of the current challenging economic environment – and the need to reduce spend and minimise waste – while still delivering Insight to our eager readers.
As such, we have begun to roll-out a new way of getting news to you – a monthly digital version of Insight, straight to your email inbox. If you would like to receive news articles and commentaries each month via email, and you aren’t already, complete the form online here: www.cromwell.com.au/opt-in
Cromwell Funds Management’s latest property investment opportunity, the Cromwell Healthcare Property Fund, is launching soon.
Cromwell’s newest fund, The Cromwell Healthcare Fund, is expected to officially launch in May 2024, with eager investors already registering their interest.
The new Fund aims to provide investors with an average distribution yield over 7% per annum, paid monthly and is targeting an investment term of 5 to 7 years. The Fund replicates many features of Cromwell’s other single-asset unlisted property trusts, including a strong tenant profile and long lease term.
Key characteristics:
- South Australian Government healthcare operator on long-term lease
- Essential health service provider for outpatient, primary, and allied health
- Facility alleviates pressure on nearby hospitals
For more information about the new fund, the product flyer, and the PDS and TMD, visit www.cromwell.com.au/invest/latest-investment-opportunities/cromwell-healthcare-property-fund.
Cromwell’s 700 Collins Street property in Melbourne has achieved a WiredScore Platinum rating.
WiredScore certification is the global standard for digital connectivity, which recognises and promotes best-in-class digitally connected buildings across the globe.
WiredScore’s Collins Street rating signifies that the building offers premium connectivity and cutting-edge technology, which seeks to ensure an exceptional experience for our occupiers.
By providing users with multiple choices of internet service providers, a reliable mobile experience, and infrastructural safeguards to maintain secure connectivity, 700 Collins caters to a wide range of connectivity requirements, and meets the daily digital needs of our tenants.
Congratulations to Cromwell’s property team for maintaining such an exciting asset!
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