SYDNEY: Cromwell Property Group (ASX:CMW) has agreed to sell its 50% interest in a landmark office asset at 475 Victoria Avenue, Chatswood, NSW for approximately A$87 million, the company said in an ASX filing on Thursday.
The disposal, structured under a conditional sale contract, is expected to reduce the group’s gearing by roughly 3% and bolster FY2026 earnings. The sale price represents a 9% discount to the latest valuation and is subject to standard settlement adjustments.
Cromwell initially acquired the property in 2006 for A$110 million, later selling a half-stake to its joint venture partner in 2020 for A$120 million. The group estimates an internal rate of return (IRR) exceeding 8.5% over the investment period.
Settlement is anticipated in the first quarter of FY2026, pending regulatory approvals including from the Foreign Investment Review Board.
Cromwell Property Group had $4.5 billion in assets under management across Australia and New Zealand as of 31 December 2024.