This article is from the Australian Property Journal archive
CROMWELL Property Group has recorded a 5.0% slip in revaluations for the six months to the end of June.
All assets within its Australian investment portfolio have been independently externally revalued, resulting in an estimated decrease of $115.5 million.
The fall comes as the freeze on major commercial real estate sector transactions begins to thaw, realising losses in value due to high interest rates, difficult economic conditions and sector headwinds.
Cromwell will report its full-year results on 29th August.
The group recently exited its troubled European operations, selling its remaining fund management platform and interests in the continent, including the Cromwell Italy Urban Logistics Fund and €2.2 billion Cromwell European REIT, to Stoneweg for $457 million.
Last month, it negotiated a $1.2 billion lending facility which will be linked to sustainability and reducing gender pay gap targets.
