Full Year 2024 Cromwell Property Group Earnings Call Transcript
Good Morning to everyone who has dialed in to hear an update on Cromwell Property Group's financial year performance to June 30, 2024. I begin today by acknowledging the Gadigal people of the Eora Nation, the traditional custodians of the land from where this call is being hosted. So we pay our respects to their elders, past and present. To start off, I would like to highlight two key areas of achievement outlined on slide 4, which to reflect the ongoing commitment of the group simplification strategy and transition to a capital-light fund manager, which we first discussed at the group's AGM in 2021.
In May, this year Cromwell announced the sale of the European platform, which includes co-investment stakes in Cromwell European REIT and Cromwell Italy Urban Logistics funds. This is a key step to simplify the business and reduce gearing. Completion of this transaction, both type Cromwell's non-core asset sale program to $1.6 billion. This will provide capital flexibility to undertake strategic acquisitions to drive growth
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