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Cromwell to make A$170M strategic placement

Cromwell Property Group announced a A$170 million strategic placement to SingHaiyi Group Ltd. and Haiyi Holdings Pte. Ltd.

The two entities are associated with Gordon Tang and Celine Tang, who are cornerstone investors in the recently Singapore stock exchange-listed Cromwell European REIT.

Roughly 175 million new Cromwell stapled securities will be issued under the strategic placement, priced at 96.91 Australian cents apiece and allotted Dec. 15.

Proceeds from the strategic placement will be used to repay short-term debt related to Cromwell's investment in Cromwell European REIT and for general corporate purposes, including potential acquisition opportunities.