Despite current market uncertainty, property fund manager Cromwell Group has successfully refinanced and extended the debt facilities of its Cromwell Property Fund (CPF) to a total of $248 million with a three-year term.
In addition, the Cromwell-owned $40.5 million facility associated with the TGA Complex in Canberra has also been extended by three years.
With both facilities due to have expired at the end of March, Cromwell chair Paul Weightman described the extensions as being testaments to both the quality of the underlying assets and Cromwell’s management capabilities.
“We are acutely aware that debt management is of particular interest in the current market and we hope that in securing these facilities investors are further assured of the fundamental quality of the CPF assets and their associated debt arrangements,” he said.
