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Cromwell boosts secured debt platform to A$961M

Cromwell Property Group increased its secured debt platform to A$961 million by negotiating a A$100 million revolving tranche due June 2018.

As of Dec. 13, the company has drawn A$911 million from the debt platform. The company said the new tranche will be used for general corporate purposes.

On behalf of Cromwell Northpoint Trust, Cromwell Property also finalized a A$234 million secured bank loan facility with a major Australian and an international bank. The loan is secured against the company's 100 Miller Street investment property in north Sydney.

It replaced an existing debt facility that was due to mature in December.

In addition, Cromwell Property also extended a loan originally due April 2017 to January 2018. It used the facility as partial funding for the purchase of a 9.83% stake in Investa Office Fund.

As of Dec. 12, US$1 was equivalent to A$1.33.