21 May 2015
Cromwell Funds Management Limited (“CFM”) has taken advantage of the strong Melbourne property market and negotiated an unconditional contract to sell the smallest of the Cromwell Property Trust 12 assets for $30.75 million. Settlement of the unconditional contract of sale is due to take place on 19 August 2015.
CFM disclosed to investors in the Product Disclosure Statement dated 29 October 2013 the potential for it to sell the South Melbourne asset, or the Rand Distribution Centre in South Australia, before the end of the 7 year term without unitholder approval if the opportunity presented itself.
The sale price agreed upon for the South Melbourne asset reflects a premium of 10.7% to the last independent valuation and a 20.4% increase on the purchase price of $25.54 million in August 2013.
If you have any questions please contact your financial adviser, or Cromwell Investor Services on 1300 276 693.