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Property company Cromwell Group (ASX:CMW) has launched a new unlisted $93 million property trust called Cromwell Ipswich City Heart Trust.
The trust is a seven-year single property syndicate located in Ipswich in Queensland and the state government is pre-committed to 91 per cent of the lettable area.
A deal has been inked with a subsidiary of Leighton Holdings Limited (ASX:LEI) to develop the commercial office and retail building from early 2012.
Cromwell Group plans to raise up to $49.25 million for the new trust and says the capital raising is expected to generate initial and ongoing funds management fees which will have a positive impact on the company’s future earnings.
Before the announcement shares in Cromwell Group closed 1.52 per cent higher yesterday at $0.67.
In the 2011 financial year Cromwell Group reported a net profit of $88 million.
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37.5¢ |
Change
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Mkt cap ! $1.152B | |||
| Open | High | Low | Value | Volume |
| 38.5¢ | 38.5¢ | 37.5¢ | $365.2K | 962.1K |
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| No. | Vol. | Price($) |
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| Price($) | Vol. | No. |
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