Cromwell portfolio revaluation slashes $115.5m off assets
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The news: Cromwell Property Group said that all assets within its Australian investment portfolio have been revalued, with an estimated decrease of $115.5 million over the six months to June.
The numbers: Cromwell said that the valuations at 30 June reflect an estimated decrease of 5% on prior valuations made at 31 December 2023. Its full-year results will be released on 29 August.
The Brisbane-based group, which had an Australian investment portfolio valued at $2.4 billion at 31 December 2023, held total assets under management of $11.4 billion across Australia, New Zealand and Europe.
Cromwell has seen its share price cut 28% over the last 12 months and last closed at $0.41.
The context: The real estate investor and fund manager has recently been conducting asset sales to reduce debt amid a challenging operating environment as higher interest rates have crimped valuations.
In February, the group widened its first-half loss on the back of a decline in property valuations.
The source: ASX announcement
