Cromwell in capital raising
Just days after announcing it was abandoning its acquisition of Orchard Funds Management, Cromwell Property Group has announced a major capital raising and the acquisition of the Qantas headquarters near Sydney Airport.
Cromwell yesterday announced an institutional placement to raise $80 million, and a rights issues to raise a further amount, up to a combined total of $120 million. Around $85 million of the raising would be used in conjunction with a new debt facility of $84 million to acquire the Qantas Headquarters, Cromwell said.
The company said it would use any surplus to strengthen its balance sheet.
Cromwell last week announced it was withdrawing its proposed acquisition of Orchard Funds Management on the basis that its major financiers did not accept the underlying value of the proposal.
AUTHOR
Mike Taylor
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