Cromwell Prop FP Ordinary/Units Stapled Securities Joins PAG in $159M Brisbane Deal
Cromwell partners with PAG on $159 million Brisbane office acquisition
Cromwell Property Group (ASX:CMW) has launched a new investment venture with PAG. The venture will acquire 100 Creek Street, Brisbane for approximately $159 million, net of adjustments. The building also houses Cromwell’s own registered office at Level 10, 100 Creek Street.
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Inside the venture structure
The transaction pairs a majority capital partner with Cromwell in a managed structure, with the equity split and operational responsibilities set out clearly. The deal facts are as follows:
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PAG: 95% interest in the venture
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Cromwell: co-investing 5%
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Cromwell will act as manager of the venture
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Asset: 100 Creek Street, Brisbane
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Price: ~$159 million, net of adjustments
As manager, Cromwell will leverage its integrated platform to deliver active asset management, leasing and operational expertise.
| Deal Element | Detail |
|---|---|
| Asset | 100 Creek Street, Brisbane |
| Purchase price | ~$159 million (net of adjustments) |
| PAG interest | 95% |
| Cromwell interest | 5% (co-investment) |
| Cromwell’s role | Manager (asset management, leasing, operations) |
Why the capital-light, fee-earning model matters
A co-investment managed venture is a structure where a large capital partner funds the bulk of an acquisition while a manager contributes a small equity stake and delivers active asset management, leasing, and operational expertise. In this case, PAG provides 95% of the venture’s capital, while Cromwell contributes a 5% co-investment and takes on the management role.
The venture fits Cromwell’s identity as a real estate investor and manager. The company describes itself as a trusted partner to a broad range of local and global investors, and the arrangement extends that positioning.
Completion timeline and what comes next
Completion of the transaction is expected in Q1 FY27 (July to September 2026), according to the announcement. It remains subject to customary conditions, including regulatory approvals.
From the ASX announcement
“Cromwell will act as manager, leveraging its integrated platform to deliver active asset management, leasing and operational expertise.”
The announcement was authorised for lodgement by Jonathan Callaghan, Managing Director and Chief Executive Officer, and Andrew Murray, Chief Legal and Commercial Officer.
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Company snapshot
Cromwell Property Group operates across the full real estate investment cycle, providing services to investors, capital providers and banking partners.
Cromwell HY26 results released in February 2026 show the group carrying $5.0 billion in AUM, 97.2% occupancy across its portfolio, and $418 million in available liquidity, the financial backdrop against which the PAG venture is being executed.
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Cromwell Property Group (ASX:CMW) — real estate investor and manager
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$5.0 billion of assets under management across Australia and New Zealand (as at 31 December 2025)
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Operates across the full real estate investment cycle
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