Join our daily newsletter At The Bell to receive exclusive market insights
Cromwell Property Group (ASX: CMW) has signed a deal to sell its 50% share in the Chatswood joint venture to BlackRock for $87 million, marking a strategic shift in its investment focus.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The property comprises twin 13‑storey office towers, ground‑floor retail, and three basement parking levels.
The transaction is expected to have a positive impact on Cromwell’s FY26 earnings and reduce gearing by approximately 3%.
The sale aligns with Cromwell’s “invest to manage” strategy, executed by building, selling, and recycling capital into new opportunities.
July’s deal was struck at a 9% discount to its most recent valuation, Cromwell flagged today. The company purchased the asset in 2006 for $110 million and sold 50% to its JV partner in 2020 for $120 million.
Cromwell will realise a property IRR of over 8.5% over the investment period.
More market news
Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst
Dreamin’ of 9,000: This week’s HotCopper Wire episode is out
Earlier this month, Cromwell revealed that Brookfield has inked an agreement, subject to FIRB approval, to acquire the remaining 19.9% JV stake held by ESR for about A$200M; a 40% discount to net tangible asset value.
The Chatswood exit adds to recent divestments, including the sale of its European funds platform. Cromwell has A$4.5 billion in funds under management.
The deal is expected to close in Q1 FY26.
CMW has been trading at 40c in afternoon trades.
Update 3:41pm, July 25: This article originally erroneously wrote that Brookfield was involved in the 50% sale. We apologise for this error; it has been corrected.
Join the discussion. See what HotCopper users are saying about Cromwell Property Group and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
-1200x645-380x200.jpg)