06 August 2020
Cromwell Funds Management Limited (CFM) has successfully negotiated an extension of the existing Cromwell Property Trust 12 (Trust) bank loan in anticipation of the potential sale of the Rand Distribution Centre and upcoming maturity of the Trust in October 2020.
The bank loan was due to expire on 30 September 2020.
The varied facility now includes an initial 12-month term (with no early repayment fee in the first 12 months), with an option to extend the facility for a further four years. The structure provides security of tenure with flexible options to the Trust without incurring the upfront establishment costs of a 5-year facility. Extension of the loan would only be enacted if unitholders decided to extend the term of the Trust beyond maturity in October 2020.
CFM expects to put a proposal to unitholders to retain the asset at 19 George Street, Dandenong, which accommodates the Australian Taxation Office, and to extend the Trust term following completion of the marketing campaign for the Rand Distribution Centre which is currently underway. Details of any such proposal will be sent to all unitholders and would require a unitholder vote to proceed with any extension.
If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email firstname.lastname@example.org.
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 Property Trust 12 ARSN 166 216 995 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 29 October 2013 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/c12 or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. 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 assess, with or without your financial or tax adviser, whether the Trust 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.
Please note: Any investment, including an investment in the Trust, 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 a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Trust are subject to the risks and assumptions set out in the PDS.