Cromwell Property Group is an internally managed Australian real estate investment trust. It owns a property portfolio of mostly Australian offices, and also develops and manages properties on behalf of third-party investors in Australia and New Zealand. The group has sold or is in the process of selling its European business in 2024, and once complete, Cromwell's gearing should reduce substantially. This additional financial strength means the business could shift in a variety of directions. It previously contemplated spinning its office assets into a separate REIT, which we think this remains a possibility. Management intends to provide more info at its August 2024 results about possible capital management initiatives.
