Cromwell Property Group (ASX:CMW) sold its European funds management platform and associated co-investments to Switzerland-based real estate investment company, Stoneweg SA Group, according to a Tuesday filing with the Australian bourse.
The sale includes Cromwell's 50% stake in the Cromwell Italy Urban Logistics Fund and its 27.8% interest in Cromwell European REIT, the filing said.
The move is part of Cromwell's strategy to refocus on its core operations in Australia and New Zealand, the filing added.
Share of the company rose past 5% at market close Tuesday.
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