ASX-listed Cromwell Property Group has appointed Brett Hinton to the newly created role of head of funds management – Australia.
Hinton will take responsibility for growing the existing Cromwell Funds Management (CFM) business which services retail investors and advisers, well as creating new wholesale funds and opportunities that will appeal to institutional investors and other capital partners in Australia.
CFM in August, as responsible entity of the Cromwell Ipswich City Heart Trust, sold 117 Brisbane Street in Ipswich for $144.9 million, a $16.4 million premium to the previous book value. The trust has delivered a 14.6% annualised return since inception in December of 2011.
Last month, CFM acquired the 24-storey 100 Creek Street office tower in Brisbane for $185 million on behalf Cromwell Direct Property Fund, the second asset to be purchased by the fund in Brisbane this year after 545 Queen Street in May, for $117.5 million.
“There is enormous further potential for funds management here at Cromwell even as we have already seen increased momentum and some great results for investors lately,” Hinton said.
Cromwell CEO Jonathan Callaghan said, “I am delighted to be able to appoint Brett into this pivotal role. As has been made clear, the growth of Cromwell’s funds management businesses is a key priority and I’m determined that we get on with the job as quickly as possible.”
Cromwell’s largest shareholder, ARA Asset Management, is set to be acquired by ESR, creating the world’s third-largest listed real estate investment manager and the largest in the Asia Pacific, with US$131 billion of assets under management.
ARA is the largest real estate manager in the Asia Pacific with US$95 billion and recently won the protracted and bruising battle for control of Cromwell.
