Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised ESR Group Limited (ESR) on the disposal of ESR’s 30.7% stake in ASX-listed Cromwell Property Group (Cromwell) in two tranches.
ESR is a leading Asia-Pacific real asset manager focused on logistics real estate, data centres, and energy infrastructure. Cromwell is a real estate investor and funds manager with A$4.5 billion of assets under management in Australia and New Zealand.
The sale was executed in two tranches. The first tranche was a selldown by way of an underwritten block trade of 10.8% of Cromwell for A$93 million. The second tranche was the subsequent sale of its remaining 19.9% strategic stake in Cromwell to funds managed by Brookfield Asset Management for A$197 million.
The transaction was led by head of corporate Sandy Mak and partner Adam Foreman with support from partner Shabarika Ajitkumar and a team of experts across the firm.
Commenting on the matter, Sandy Mak said: “We are thrilled to have advised ESR on this sale, which aligns with its strategy of divesting non-core assets to simplify its business.”
Adam Foreman added: “The transaction further strengthens Corrs’ relationship with ESR after acting on its take private from the Hong Kong Stock Exchange earlier this year and we look forward to continuing to support ESR on future strategic initiatives.”