Westholme Limited, a property syndicator, is recapitalised resulting in a new Board of Directors and a name change to Cromwell Corporation Limited. Cromwell, as we know it, has commenced.
1998 – 2003
Cromwell purchases 14 properties With a value of more than $300 million IN five different Australian states from 1998-2003, Of this, $58 million becomes part of the Cromwell Diversified Property Trust (CDPT).
CDPT purchases 11 properties for $152 million. The acquisition of the landmark 700 Collins Street, Melbourne completes at a cost of $133 million, forms the cornerstone investment in the CDPT.
CDPT is merged with five smaller unlisted property trusts and stapled to Cromwell Corporation Limited creating Cromwell Property Group.
Cromwell raises $75.4 million via a placement and rights issue and acquires the Qantas Global Headquarters in Mascot, NSW for $143 million.
A portfolio of seven assets is acquired from the NSW State Government for $405 million and the landmark North Sydney building, Northpoint Tower, is acquired for $278 million. Cromwell enters the S&P/ASX 300 Index.
Expands into Europe by acquiring Valad Europe, a pan-european commercial real estate platform for $208 million. Construction commences on a new $172 million building to be leased by the Department of Social Services (DSS) at Tuggeranong Office Park, ACT.
Commences work on the $130 million redevelopment of Northpoint Tower.
Department of Social Services moves into its nw building, now called Soward Way, ACT. Successfully launches Cromwell European REIT on main board of Singapore Stock Exchange.