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Annual Results for Financial Year Ended 30 June 2026

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27/08/2026

Cromwell Property Group (ASX:CMW) (Cromwell or the Group) announces its financial results for the year ended 30 June 2026.

Key highlights

  • Funds from Operations (‘FFO’) of $110.3 million (+5.0% on FY25), equivalent to 4.2 cents per security, and statutory profit of $135.8 million, equivalent to 5.2 cents per security.
  • Growth in assets under management to $4.7 billion, up 11.4% on FY25, reflecting continued execution of Cromwell’s investment management growth strategy.
  • Investment Management platform expanded, with the establishment of Cromwell Industrial Partnership and the Brisbane office venture, adding $7481 million of institutional mandates, strengthening sector capability, fee income and platform scale.
  • High-quality Investment Portfolio performance, with occupancy of 95.6%, weighted average lease expiry of 4.6 years and portfolio value of $2.2 billion, supported by active leasing and asset management initiatives.
  • Balance sheet positioned to support growth initiatives, with low gearing of 31.6%, liquidity of $370.8 million and Net Tangible Assets of 57.5 cents per security.
  • Expecting to pay distribution of 3.1 cents per annum, per security, in FY27.

Cromwell Chief Executive Officer, Jonathan Callaghan, said: “We delivered on our strategic priorities in FY26, growing our investment management platform, expanding institutional capital partnerships and maintaining resilient investment portfolio performance. Together, these achievements strengthen
Cromwell’s earnings base and support long-term value for securityholders.”

Financial performance

Cromwell delivered FFO of $110.3 million for FY26, up 5.0% on FY25 on a like-for-like basis, supported by stable Investment Portfolio earnings, growth in Investment Management earnings and improved Co-investment contributions. Cromwell has chosen to adopt FFO as the primary earnings measure from FY26, moving away from Operating Profit. This provides a clearer view of operating performance and improving comparability with industry peers.

Total continuing segment EBIT increased 2.7% to $171.0 million, with Investment Management EBIT increasing to $14.7 million and Co-investment EBIT increasing to $6.4 million.

Cromwell’s balance sheet remains well positioned, with headline gearing of 31.6%, liquidity of $370.8 million and $1.5 billion of net assets at 30 June 2026. The Group also maintained significant covenant headroom, with LVR of 36.8% against a 60% covenant and ICR of 4.3 times against a 2.0 times covenant

Investment portfolio performance

Cromwell’s Investment Portfolio continued to demonstrate resilient fundamentals through FY26, supported by active leasing and asset management. Portfolio occupancy remained high at 95.6%, with a weighted average lease expiry of 4.6 years and 28,607 sqm of new or renegotiated leases secured during the year.

Investment Portfolio value increased to $2.2 billion over the financial year, with valuation gains of 4.7% across the 7 stable assets, with increases in some assets more than offsetting declines in others. The portfolio weighted average capitalisation rate was 7.20%, compared with 7.07% at FY25 reflecting the mix of asset-specific valuation outcomes across the portfolio.

Active asset management initiatives contributed to leasing outcomes and income resilience, including the completion of the 400 George Street, Brisbane lobby upgrade, which supported the Queensland State Government’s exercise of its three-year lease option and extended 20,800 sqm of FY27 lease expiries to 2030. This underpinned a $98 million valuation uplift to $450 million at 30 June 2026.

Cromwell Chief Investment Officer, Rob Percy, said: “Positive market momentum is expected to continue for most markets through the next financial year, supported by firming demand for high quality real estate and constrained supply of office space. Together, these factors position the portfolio well for ongoing stable earnings as the Group continues its growth trajectory.

Investment management and growth initiatives

Cromwell continued to execute its strategy to grow and diversify its Investment Management platform. The establishment of the Cromwell Industrial Partnership and the Brisbane office venture added $748.0 million1 of new institutional mandates, broadening Cromwell’s sector capability, strengthening fee income and increasing platform scale.

The Group progressed key development and repositioning initiatives in both the industrial and office sectors. The final stage of Kilsyth Connect, in Melbourne, was completed in June 2026, transforming an underutilised site into a modern industrial estate aligned with local occupier demand. Stage 2 of Cavan Connect Logistics Park, in Adelaide, has commenced, after securing a new tenant pre-commitment for over 6,200 sqm.

Cromwell’s Barton1 development in the ACT is progressing on schedule and to budget. The 19,800 sqm office development is 100% pre-leased to a major Commonwealth Government department on a 15-year lease, with a five-year option, and completion is expected by the end of FY27.

During the financial year, Cromwell also completed three2 asset sales from the Cromwell Direct Property Fund for $268 million, above prior book value, with proceeds being returned to investors as the asset realisation and fund wind-up process continues

Sustainability and responsible investment

Cromwell continued to strengthen its responsible investment credentials during FY26, including achieving five-star ratings in all applicable PRI categories, improving to a 5/5 GRESB Assessment rating, maintaining a Public Disclosure Rating of A, and being included in the S&P Global Sustainability Yearbook 2026.

In four years, the Group has reduced Scope 1 and Scope 2 market-based emissions by 96% from its FY22 baseline, maintained 100% operational renewable electricity and increased solar PV capacity to 2,450kW

Outlook

Cromwell enters FY27 with a clear growth strategy, a resilient Investment Portfolio and enhanced investment management capability.

The Group remains focused on continuing to scale its investment management platform, expanding institutional and wholesale capital relationships, and progressing Barton1 to completion.

Cromwell will continue to consider disciplined capital deployment into mandates, co-investments and opportunities that support sustainable earnings growth together with actively managing its Investment Portfolio, focusing on attracting new tenants, managing lease expiries, and capturing rental growth opportunities through targeted leasing and asset enhancement initiatives.

The Group expects to pay an increased annual distribution of 3.1 cents per security for FY27, to be paid quarterly.

Footnotes: 

1 Includes the $478 million Cromwell Industrial Partnership acquisition, $113 million in additional industrial mandates, and the $157 million Creek Street venture.
2 Includes 100 Creek Street, Brisbane, contracted for sale, due to settle September 2026.

Cromwell annouces HY26 results

Home Archives for margot.allison@cromwell.com.au
February 26, 2026

Cromwell announces HY26 results

Cromwell Property Group (ASX:CMW) (Cromwell or the Group) announces its financial results for the half year ended 31 December 2025.

Cromwell Chief Executive Officer, Jonathan Callaghan, said: “This has been a successful half-year for Cromwell, with disciplined execution and solid operational performance across the platform.” Key highlights for the six months to 31 December 2025 include accelerated growth, strengthened financial performance, and continued progress across strategic initiatives.

View HY26 Results Presentation View HY26 Results Announcement Listen to HY26 Results

Key Highlights

  • Growth accelerated with the acquisition of an industrial management platform and a 19.9% stake in a $472 million Australian industrial portfolio (the Cromwell Industrial Partnership (‘CIP’)), establishing the foundation for a core pillar of the Group’s growth strategy.
  • Group AUM rose 13.2% to $5.0 billion, driven by the industrial platform acquisition and stronger portfolio valuations.
  • Operating performance strengthened, with operating profit up 1.5% for the six months ended 31 December 2025.
  • The Group’s strong balance sheet provides financial flexibility for growth, with gearing at 30.2%1, significant liquidity of $418 million, and 71%1 of debt hedged, all as at 31 December 2025.
  • Investment Portfolio valuations increased by 3.6%1, driven by a successful leasing strategy and high portfolio occupancy of 97.2%1.
  • Investment management pipeline continues to build momentum with the Barton1 development progressing on schedule and within budget.
  • Distribution guidance of 3.0 cps is reaffirmed for FY26.

We continue to build momentum as we progress our strategy and position the Group to deliver sustainable long-term growth.
Jonathan Callaghan, Cromwell Chief Executive Officer

Financial performance

Cromwell reported an increase of 1.5% in operating profit to $55.9 million, supported by the continued strong performance of the Investment Portfolio, which recorded valuation gains of $72.0 million during the period. The Group reported funds from operations (FFO) of $55.3 million, equivalent to 2.11 cents per security, reflecting a payout ratio of 71.0%.

Net Tangible Assets (NTA) increased to $0.58 per security, up from $0.56 per security at 30 June 2025. NTA remains above the current trading price, highlighting the upside potential relative to the Group’s underlying asset base.

Gearing remains low at 30.2%1, providing substantial balance sheet capacity and maintaining significant headroom against debt covenant limits. Cromwell’s $418.0 million of liquidity supports continued flexibility for disciplined capital deployment into growth initiatives.

Investment portfolio performance

Cromwell’s Investment Portfolio delivered a strong performance over the six months to 31 December 2025, with valuations up 3.6% since FY25 to $2.1 billion1, driven by resilient asset fundamentals and improving market conditions. The uplift reflects both sustained leasing activity across key assets and continued stabilisation in valuation metrics as capital markets regain confidence.

Occupancy remains high at 97.2%1, supported by leasing of more than 23,000 square metres during the period. Material uplift was seen at Cromwell’s asset at 400 George Street, Brisbane, where key leases have been extended to 2030 following the exercise of a three‑year lease option by QLD State Government.​

Positive market momentum is expected to continue through the remainder of the financial year, supported by firming demand for high‑quality real estate and constrained supply of office space. Together, these factors position the portfolio well for ongoing stable earnings and enhanced returns for investors as the Group continues its growth trajectory.

Strategic growth initiatives

Cromwell advanced its growth strategy during the half through three key initiatives.

Expansion into Australian industrial real estate

Cromwell completed Phase 1 of its transaction with Straits Real Estate Pte Ltd (SRE), acquiring a 19.9% interest in SRE’s industrial portfolio and its management platform, Terre Property Partners (TPP). TPP adds $567 million in AUM, deep industrial expertise and a proven team, strengthening Cromwell’s on-the-ground capability and supporting further growth in investment management.

Phase 2, launching shortly, will bring additional capital partners to the portfolio as it grows through acquisition and development. The existing seven-asset, $472 million logistics portfolio (cap rate 6.1%) provides scale and diversification, with assets in key logistics hubs of Bayswater (VIC) and Salisbury South and Port Adelaide (SA).
Cromwell Funds Management 100 Creek Street Brisbane building
New wholesale fund launched

Cromwell launched the Cromwell Creek Street Investment Trust, with a ~$102 million capital raise underway to acquire 100 Creek Street, a 24-level, ~20,000 sqm Brisbane CBD tower. The asset is 94.3% occupied with a diversified tenant base.

The Fund targets an 8.0% p.a. monthly distribution yield, 100% tax-deferred distributions for the first two years, and a 15% target equity IRR over five years. Independent research has rated the Fund “Recommended.”

Read more about the Fund here.

Read the Core Research Report here.
Barton1 development progressing to plan

Cromwell’s Barton1 development is forecast to complete on schedule and within budget for mid-2027 completion. The 19,800 sqm office building is fully pre-leased to a Commonwealth Government tenant on a 15-year lease, plus a 5-year option, providing long-term income security. Given the challenging development environment, the fixed-price contract, secured pre-lease, and strong tenant covenant position Barton1 as a rare and compelling opportunity.

Read announcement here.

Investment Management update

Growth in Cromwell’s Investment Management business was driven by the acquisition of TPP and the 19.9% interest in CIP during the period, and the Group now manages $2.8 billion across Australia and New Zealand.

The Cromwell Direct Property Fund (DPF) holds seven2 assets valued at $470.3 million, with the five direct assets valued at $396.5 million, representing a 1.3% valuation increase since at 30 June 2025. Portfolio occupancy remains high and unchanged at 96.4%, with the portfolio’s cap rate tightening to 7.7%.

DPF has commenced the wind up process following the Periodic Liquidity event voted for by investors in late 2025. As part of this process, the sale of 545 Queen Street settled on 19 December 2025, delivering $77 million in net proceeds after selling costs.

 

Outlook

The Group has made strong initial progress in implementing its strategy to grow third‑party funds under management, broaden our capability set and investor base, and bring to market new products in the office and industrial sectors, with continued work underway in the retail sector, which remains a key focus.

Capital deployment will continue to support growth through both organic initiatives and targeted inorganic opportunities, with an emphasis on strategic, value‑add acquisitions in Australia’s core sectors in partnership with new, aligned capital partners.

Cromwell will maintain strong occupancy across its Investment Portfolio to support income during the current growth phase, underpinned by targeted leasing campaigns, spec‑suite delivery, and capital works designed to enhance occupancy, grow WALE and rental income.

The Group continues to monitor its capital management position by preserving gearing headroom to enable opportunistic transactions, proactively managing refinancing to protect interest costs and liquidity, and maintaining disciplined capital allocation.

The Group reaffirms its expectation of an annual distribution of 3.0 cents per security for the 2026 financial year.

 

 

 

Footnotes:

  1. Excluding 475 Victoria Ave, Chatswood, which is classified as held for sale and includes Barton1, currently under development.
  2. DPF assets are comprised of 5 direct assets and 2 assets in underlying unit trusts.
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Home Archives for margot.allison@cromwell.com.au
November 27, 2025

Tracking the office recovery – five charts that tell the story

Colin Mackay, Research & Investment Strategy Manager, Cromwell Property Group

After a 19-year premiership drought, the Broncos have returned to the top of the rugby league totem pole. Another redemption story, not as long in the making, is underway in commercial real estate. Office was out of favour through the pandemic, weighed down by rising interest rates, subdued liquidity, and concerns that remote work would irreparably damage demand for space. Now, conditions are improving and sentiment is becoming more positive – and the proof is in the total return pudding. Below are five charts that highlight the recovery occurring in the office sector.

1. Asset prices appear to have bottomed

Office asset values across Australia fell -18% from late 2022 to the end of 2024. The devaluation cycle appears to have concluded, with appreciation of +1.2% recorded over the first half of 20251 . The downturn has created a compelling entry point for investors – office is currently providing a larger yield premium over the Australian 10-year Government Bond compared to the 30-year average.

The downturn has created a compelling entry point for investors – office is currently providing a larger yield premium over the Australian 10-year Government Bond compared to the 30-year average.

2. Investment performance is improving

Stable yields and ongoing income growth have contributed to an improvement in total return. Performance has been positive for the last two quarters, leading to the strongest rolling annual total return since early 2023.

3. Tenant demand now exceeds pre-pandemic levels

The income growth side of the ledger has been driven by strengthening tenant demand. Remote work did have a significant impact on occupied space in 2020, however demand has been increasing for nearly five years now. The recovery is even more impressive when split by asset quality – prime grade assets have recorded demand growth of +11% over the last five years, while demand for space in secondary assets contracted by -9%.

4. Rents are growing in most markets

Stronger tenant demand has flowed through to rents. Over the last five years, rents have increased in every major CBD market except Melbourne. Consequently, annual national CBD rent growth has been outpacing inflation since September 2024. Additionally, prime incentives are significantly higher than the long-term average in every major market, suggesting there is scope for them to fall if leasing conditions remain favourable. Decreasing incentives would provide a tailwind for income growth.

5. Future supply risk is lower than average

Construction is prohibitively expensive and new developments are very rarely “stacking up” in the current environment. With few projects breaking ground, the supply of CBD office space is expected to increase by only +0.3% p.a. to 2030, well below the long-term average annual rate of +1.1% and significantly lagging white collar jobs growth. A constrained supply pipeline should put downwards pressure on vacancy rates, supporting the sustainability of the recovery and the outlook for rent growth.

Heading in the right direction

While the turnaround of a real estate sector doesn’t happen overnight, multiple metrics show office is improving. For some, fear of catching a falling knife is turning into fear of missing out on the recovery upswing. With dual levers of stronger demand and weaker supply boding well for a tightening of vacancy and continued rent growth, office has every chance of topping the investment return table over the coming year.

 

 

  1. Cromwell analysis of MSCI data (Jun-25)

More from Insight

Straits Trading and Cromwell form strategic partnership to strengthen Australian industrial and logistics platform

Home Archives for margot.allison@cromwell.com.au

11/11/205

SINGAPORE / BRISBANE – 11 November 2025 – The Straits Trading Company Limited (SGX:S20) (“Straits Trading”), through its wholly-owned subsidiary Straits Real Estate Pte. Ltd. (“SRE”), and Cromwell Property Group (ASX:CMW) (“Cromwell”) today announced a strategic partnership to enhance their industrial and logistics platform across Australia.

Under a series of agreements executed in connection with the partnership, Cromwell will acquire a 19.9% interest in SRE’s Australian industrial portfolio for approximately AUD 47.6 million (SGD 40.5 million1), based on a total portfolio valuation of about AUD 470 million (SGD 400.1 million1). The transaction will be executed in two phases. Phase 1, expected to complete by 31 December 2025, involves the acquisition of the 19.9% interest in the seed portfolio and the purchase of Terre Property Partners Pty Ltd. (“TPP”), which oversees the assets comprising the portfolio. Phase 2 will comprise a recapitalisation of the seed portfolio and is expected to commence shortly after completion of Phase 1 and conclude in FY2026. This partnership combines Cromwell’s operational expertise, Straits Trading’s institutional strength and TPP’s deep sector expertise to drive long-term value creation and future fund initiatives.

The seed portfolio comprises seven high-quality industrial assets located in key logistics hubs across South Australia and Victoria which are leased to blue-chip tenants including Coca Cola Europacific Partners, Incitec Pivot and Wengfu. Strategically positioned within established precincts such as Bayswater, Salisbury South and Port Adelaide, the assets benefit from strong connectivity and resilient occupier demand.

Following the acquisition, the TPP team will operate as part of Cromwell’s platform, bringing deep sector expertise and a proven track record in managing and repositioning industrial assets. Their integration will enhance Cromwell’s on-the-ground capabilities and support the continued growth of its investment management business, while contributing to the development of a leading investment management platform aligned with Cromwell’s capital-light strategy. SRE will remain an investor in the portfolio, supporting future growth and capital deployment initiatives.

“We’re excited to join Cromwell’s platform and contribute to the next phase of growth,” said Mr Mark Brammy, CEO, and Mr Mark Pettman, COO of Terre Property Partners. “We’ve built deep expertise across the national industrial sector and have a proven track record in developing and repositioning value-add opportunities into prime grade institutional product. Cromwell’s strategic acquisition of Terre Property Partners, makes us well placed to continue delivering performance and scale, while contributing to the growth of a leading investment management business.”

“This strategic partnership marks an important milestone in our continued focus on optimising our industrial and logistics portfolio. Cromwell’s established presence and deep operational capabilities in Australia will augment our platform and position us for long-term value creation,” said Ms Chew Gek Khim, Executive Chairman of Straits Trading.

“This initiative reflects our continued progress in repositioning Cromwell as a capital-light, investment manager. By expanding our AUM, integrating a proven management team and partnering with an institutional investor of Straits Trading’s calibre, we’re strengthening our platform and creating new opportunities to partner with capital providers in sectors where we see long-term value,” said Mr Jonathan Callaghan, CEO of Cromwell Property Group.

Australia’s industrial and logistics market continues to demonstrate strong fundamentals, with vacancy rates around 1%2 and prime rents rising 5% to 8% year on year across key precincts3, underscoring the sector’s resilience and attractiveness as a long-term asset class. These favourable conditions provide a supportive backdrop for the partnership’s continued collaboration and capital redeployment across Australia.

The partnership reflects Straits Trading’s disciplined approach to capital recycling and portfolio optimisation, while advancing Cromwell’s strategy to grow its investment management business and expand assets under management through a capital-light model. Together, the collaboration provides a strong foundation for future fund initiatives and platform expansion across Australia. Both parties remain confident in the resilience of the industrial and logistics sector, supported by robust occupier demand and sustained investor interest, and will continue to focus on building institutional partnerships and delivering long-term value.

Read the full ASX announcement here

Footnotes:

1 Based on the AUD/SGD exchange rate of 0.8512 as at 10 November 2025. Future settlement amounts may vary as exchange rates fluctuate, potentially resulting in foreign currency gains or losses upon realisation.

2 https://www.colliers.com.au/-/media/files/anz/australia/research/2025/quarterly-snapshots/q2/colliers-australian-industrial-and-logistics-snapshot-q2-2025.ashx

3 https://www.cbre.com.au/insights/figures/figures-australia-industrial-and-logistics-q2-2025

Annual Results for Financial Year Ended 30 June 2025

Home Archives for margot.allison@cromwell.com.au

28/08/2025

Cromwell Property Group (ASX:CMW) (Cromwell or the Group) announces its financial results for the year ended 30 June 2025.

Key highlights

  • Strong portfolio performance, sector leading occupancy of 97.6%1, demonstrating Cromwell’s effective leasing strategy execution.
  • Investment Portfolio valuations are up $3.5 million over six months, signalling office market stabilisation, supported by ongoing active asset management.
  • Platform transformation delivered, with $1.6 billion in total asset sales since 2022 to reduce debt and enable focus on growth in the Australian funds management business.
  • Strong balance sheet ready for capital deployment with low gearing of 28.2% and liquidity of$504.3 million to support growth.
  • Funds Management growth pipeline initiated with Barton ACT development underway, featuring a 15-year lease to a Commonwealth Government tenant, with a 5-year extension option.
  • Distribution guidance of 3.0 cps is provided for FY26, to be paid quarterly.

Financial performance

Cromwell reports operating profit of $108.6 million driven primarily by the strong ongoing performance of the Investment Portfolio. The Group reports funds from operations (FFO) of $105.7 million (4.0 cps) with a payout ratio of 74.2%. Net Tangible Assets (NTA) are $0.56 per security, well above the current trading price and offering a discounted buying opportunity. Gearing reduces to 28.2% following the sale of 475 Victoria Ave, Chatswood, down significantly from 38.9% at 30 June 2024. The Group has ample liquidity of $504.3 million, providing capital for deployment into value-accretive growth opportunities.

Investment portfolio performance

Strong portfolio performance over the period with sector-leading occupancy of 97 .6%1. Leasing markets remained active, with over 51,000 sqm2 of new or renegotiated leases committed during the financial year. Portfolio valuations increased by $3.5 million (0.17%) from HY25, reflecting a stabilisation in office market values. FY26 vacancy risk has been significantly mitigated through the signing of a Heads of Agreement with a government-funded organisation at 400 George Street, Brisbane which accounts for 55% of the forecast vacancy in that period.

Strategic growth initiatives

Cromwell’s strengthened balance sheet, with ample liquidity and low debt, will support future growth initiatives to drive securityholder value. Cromwell has commenced strategic capital deployment with the recently announced 19,800 sqm office development in Barton, ACT, leased to a Commonwealth Government tenant on a 15-year lease, with 5-year option to extend. This $201 million project is anticipated to deliver a yield on cost of more than 6.3%. Cromwell will introduce capital partners at the appropriate time to reduce its ownership stake, consistent with its transition to a capital-light investment management model.

Dr Gary Weiss, Chair of Cromwell, stated: “Much was achieved during the 2025 financial year to simplify the business and strengthen its financial position. The completion of the sale of non-core assets, including the European Platform, are key steps in simplifying the business structure and reducing Group gearing. Cromwell is now positioned as a well-capitalised, Australia/New Zealand-focused investment manager with capacity to undertake accretive growth initiatives in an improving market.”

Funds management update 

Cromwell’s Funds Management business manages $2.1 billion across Australia and New Zealand. Transaction activity was muted, and valuations in the Cromwell Direct Property Fund (DPF) declined by 5.3% to $537 million over the financial year to 30 June 2025, and only 1.3% from HY25. In July 2025, DPF held a Full Periodic Liquidity Event with the outcome expected end September 2025. In December 2024, unitholders in the Cromwell Riverpark Trust also voted in favour to extend the Fund’s investment term by two years.

Register diversification following ESR exit

In May 2025, ESR Group divested 10.8% of its holding in Cromwell to a mix of new and existing institutional and sophisticated investors. In July 2025, ESR completed the sale of its remaining 19.9% interest in Cromwell to Brookfield Asset Management. The strong uptake reflects positive interest in Cromwell’s repositioned platform, strategic direction, and value proposition.

Board update 

Mr Rob Blain will step down from the Board today but will continue to support Cromwell in an advisory capacity. In line with Cromwell’s commitment to a leaner and more agile operating structure, the Board has decided not to appoint a replacement for Rob. We express sincere thanks to Rob for his outstanding contributions to Cromwell’s strategic transformation.

Outlook

Looking ahead, Cromwell remains focused on active asset management of the current Investment Portfolio to maintain strong occupancy and continue to maximise rental income. Prudent capital deployment will drive growth through new product development, platform acquisitions, and strategic expansion of the investment management business.

Jonathan Callaghan, CEO of Cromwell, commented: “As Cromwell enters a growth phase, our priority remains on delivering stable, long-term growth through disciplined capital management and allocation. With a simplified business model, strong liquidity, and a high-quality portfolio, we are well positioned to take advantage of emerging market opportunities to create enduring value for our securityholders.”

To view the FY25 Results Presentation, click here.

Footnotes: 

1 Excluding 475 Victoria Avenue, Chatswood, NSW, contracted for sale.
2 Includes Barton, ACT, currently under construction.