Bookmark & Share
SingHaiyi Group and Haiyi Holdings have jointly acquired a 9.9 percent stake in Australia-listed Cromwell Property Group for AU$169.6 million (S$172.4 million), revealed an SGX filing on Monday (11 December).
In particular, SingHaiyi has purchased a 3.45 percent stake in Cromwell for AU$59.1 million (S$60.1 million) and this was fully funded by internal cash. The rest of the stake was bought by Haiyi Holdings, a firm wholly-owned by the former’s controlling shareholders, Celine and Gordon Tang.
The acquisition “will firmly position SingHaiyi to be a direct beneficiary of the strong growth potential of Cromwell’s prime Australian commercial property assets,” said SingHaiyi’s Group Managing Director Celine Tang.
“It will also offer SingHaiyi unprecedented exposure to Cromwell’s wider portfolio of high-quality income producing assets across Australia, New Zealand and Europe. With its track record as an established global real estate investment manager, we are confident that Cromwell will deliver significant value creation for SingHaiyi,” she added.
Cromwell is a global property investment manager included in the S&P/ASX 200 index. As of 30 June 2017, it had a market capitalisation of AU$1.7 billion, a direct property investment portfolio in its home market worth AU$2.3 billion, and total assets under management of AU$10.1 billion across Australia, New Zealand and Europe.
Furthermore, it is the sponsor of Cromwell European Real Estate Investment Trust (CEREIT), the first Euro-denominated REIT listed in Singapore, where the two Tangs hold a combined stake of about 13.9 percent.
This article was edited by Keshia Faculin.
Related Articles:
Suntec City to house UrWork’s second S'pore outlet