14 October 2021

100 Creek Street Acquisition

The Cromwell Direct Property Fund (the Fund) has added to its direct property portfolio with the acquisition of 100 Creek Street, Brisbane at a purchase price of $184.7 million (the Acquisition).

100 Creek Street is a 24-storey office tower featuring floor to ceiling glass providing excellent natural light. The building has a total net lettable area of 20,223 sqm with rental income underpinned by a diverse mix of tenants.

Having recently undergone an extensive refurbishment which saw the repositioning of the ground floor lobby and end-of-trip facilities, 100 Creek Street currently holds an exceptional 5-Star NABERS Energy Rating and 6-Star NABERS Indoor Environment Rating.

The Acquisition is accretive to the Fund’s earnings and takes the Fund’s direct property portfolio to seven assets valued at $585 million, with look-through property exposure to 10 assets with value of $696 million.

The Acquisition has a 2.7 year weighted average lease expiry (WALE) and takes the Fund’s overall WALE to 4.7 years.

The Acquisition is subject to Foreign Investment Review Board approval (FIRB) and is expected to settle towards the end of November 2021.


Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this communication and is Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 17 November 2020 (“PDS”). A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell's Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) available from Cromwell and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.

Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.