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Cromwell to build retirement units in Australian capital, affirms FY'18 guidance

Cromwell Property Group is planning to regenerate old buildings at the Tuggeranong Office Park in Canberra, Australia, into between 330 to 350 retirement or assisted living units and communal spaces.

The Australian real estate investment manager's CEO, Paul Weightman, said its plans have been formulated to meet the requirements of firm demand and a lack in supply of retirement and independent living units in the capital's Tuggeranong district. The company is working to finalize the development plans, which include partnering with an aged-care provider.

The current Tuggeranong Office Park development was constructed in 1991 and consists of five towers respectively containing two wings, which are fully leased to the Commonwealth Government.

Also in the pipeline for Cromwell is the possible expansion of office space at its 24,970-square-meter Victoria Avenue Chatswood commercial office complex in Sydney's North Shore region, further developing its 17-story 700 Collins St. asset in Melbourne and the transformation of the Wakefield Private Hospital site in Adelaide, Australia. The company purchased the 8,712-square-meter hospital plot for A$50 million from Australian Unity in December 2017.

Meanwhile, the company is maintaining its full-year 2018 operating profit guidance of 8.25 Australian cents per security, as well as a per-security distribution of 8.34 cents.