Stoneweg Global Platform SCSp agreed to acquire a 100% interest in Cromwell European Holdings, 100% interest in Cromwell EREIT Management Pte. Ltd. and 27.8% interest in Cromwell European Real Estate Investment Trust (SGX : CWBU) from Cromwell Property Group (ASX:CMW) on May 23, 2024. Cromwell Property to sell 100% of equity interests in Cromwell EREIT Management Pte. Ltd. and Cromwell European Holdings Limited, 50% interest in Cromwell Italy Urban Logistics Fund (subject to counterparty consent) as well as a 27.8% interest in Cromwell European REIT to Stoneweg for ?280 million, Gross price subject to settlement adjustments. The Transaction covers all components of Cromwell?s European business. The assets of the Cromwell Polish Retail Fund do not form part of the Transaction as they were subject to a separate sale process as previously announced, which completed on May 15, 2024 in Europe. After the completion of the Transaction, Cromwell will work with Stoneweg to facilitate the transition of business operations, ensuring a full and orderly separation of the European and Singaporean staff, platform and systems. The exit from the European business allows Cromwell to be focused on its core competencies in Australia and New Zealand and positions the platform for future growth. The sale proceeds will initially be used to repay debt. The Transaction remains subject to customary closing conditions and adjustments, including approval by the Monetary Authority of Singapore and the Commission de Surveillance du Secteur Financier in Luxembourg as well as debt change of control consents or waivers. The transaction is expected to be completed by Cromwell Property Group's Q1 FY25.

CBH Compagnie Bancaire Helvétique SA acted as Financial Advisor to Stoneweg for the transaction. Citigroup Global Markets Australia Pty Limited and UBS Securities Australia Limited acted as financial advisers, and Linklaters acted as legal adviser to Cromwell Property Group.