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Minters acts on real estate raising

Minters acts on real estate raising

Minter Ellison has advised Cromwell Property Group on an institutional placement and a security purchase plan to raise $163 million.

Firms: Minter Ellison (Cromwell Property Group)

Deal: Equity capital raising

Area: Property

Value: $163 million

Key players: Stuart Johnson (pictured) and Daniel Scotti led for Minters, together with Ker Wei Tiam, Andrew Yik,

Joel Farina and Carmen Cheung

Deal significance: Cromwell Property Group announced an equity capital raising late last week.  The Group is seeking to raise up to $163 million by way of an institutional placement and a security purchase plan. Cromwell Property Group is an ASX-listed, internally-managed Australian Real Estate Investment Trust and property fund manager, with a market capitalisation of more than $1 billion.

It will use the proceeds of the placement and the security purchase plan offering to seed an unlisted retail syndicate known as the Box Hill Trust, repay debt and provide working capital.

"In this capital raising, which is being conducted against the backdrop of uncertain markets, Cromwell Property Group has used efficient capital-raising methods to make an offer to existing and new institutional investors with a view to raising funds before the holiday period," said Scotti.


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