23 June 2020
Cromwell Funds Management Limited (“CFM”) has entered into an unconditional contract to sell the Parafield Retail Complex, located in Main North Road, Parafield, South Australia for $27.25 million.
The timing of the sale is advantageous to the Fund by providing liquidity in advance of the Fund’s upcoming first full Liquidity Event. The sale also improves the Fund’s portfolio metrics by reducing the exposure to large format retail north of Adelaide.
Settlement is expected to take place prior to the payment of Liquidity Event proceeds, due to occur in mid-August, 2020.
The sale price agreed reflects a discount of 3.1% to the last internal valuation of $28.12 million, undertaken at the onset of the COVID-19 crisis on April 7.
If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email email@example.com
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice 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 29 September 2017 (PDS) and the supplementary product disclosure statement dated 06 April 2020 (SPDS). The PDS and SPDS 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. Applications for units in the Fund can only be made on the application form accompanying the PDS. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and SPDS and assess, with or without your financial or tax adviser, whether the Fund fits 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 notice. 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 and SPDS for examples of key risks. Past performance is not a reliable indicator 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 and SPDS.