We Initiate Coverage of Cromwell Property Group With AUD 0.55 Fair Value Estimate and No-Moat Rating

Cromwell Property Group is in a much simpler shape compared with pre-covid days. Between fiscal 2022 and 2025, Cromwell divested AUD 1.6 billion of assets, including the European funds management business, offshore property holdings, and noncore Australian assets. The remaining businesses are a portfolio of A-grade metropolitan offices, primarily in Sydney and Brisbane, and a small funds management platform. As of June 30, 2025, the group had third-party assets under management of over AUD 2 billion across Australia and New Zealand.