Straits Trading is a conglomerate-investment company with operations and financial interests in resources, property and hospitality while Cromwell is a real estate investment manager with nearly $3.6 billion of assets under management in Australia and New Zealand.
The Straits Trading Company plans to sell part of its Australian industrial portfolio to Australian-listed real estate company Cromwell Property Group.
Under the terms of the deal, Straits Real Estate (SRE), a subsidiary of Straits Trading, will divest a 19.9% equity interest in its industrial portfolio to Cromwell for approximately A$47.6 (S$40.5) million. The selling price is derived from the portfolio’s gross asset value of around $400.1 million less liabilities.
