Singaporean fund manager ARA Asset Management has agreed to acquire 19.5 per cent of Cromwell Property Group from Redefine Properties.
The acquisition is subject to Foreign Investment Review Board approval.
Cromwell chief executive Paul Weightman said Redefine, which currently holds the 19.5 per cent stake, has been a “longstanding investor and partner” to Cromwell.
Mr Weightman flagged the ARA acquisition last week when he said Asia would be an “increasing source of capital” for Cromwell.
ARA Group chief executive John Lim said, “We entered Australia in 2015 and have been steadily increasing our investments in the market over the last three years. Australia continues to offer strong investment and capital raising opportunities to support the growth of our funds platforms.”
The acquisition of the 19.5 per cent stake in Cromwell is subject to “satisfaction or waiver of certain conditions”, Mr Lim said.
