Cromwell Property Group shares lift as Brookfield set to buy 19.9% stake
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The news: Global investment firm Brookfield is set to buy Hong Kong-based property investor ESR Group’s remaining 19.9% stake in real estate investment and management company Cromwell Property Group.
The numbers: Shares in Cromwell had gained 5.5% to $0.38 by 3:29pm AEST.
The context: Cromwell told the market on Monday afternoon that Brookfield had signed a binding sale and purchase agreement for ESR’s remaining stake, subject to Foreign Investment and Review Board approval.
The news comes two months after ESR initiated a block sale for a portion of its stake in Cromwell, which left it with a 19.9% stake.
ESR became a 31% shareholder in Cromwell after the Hong Kong-listed asset management group acquired Singapore-based ARA Asset Management in 2022.
