ARA Asset Management has invested more than A$65m (β¬40.5m) to increase its 21.4% stake in Australia-listed Cromwell Property Group to 23.6%.
The Singapore-based manager has bought 49m shares in Cromwell at A$1.33 per share.
Market sources told ΒιΆΉΣ³» Real Assets it was likely that ARA had acquired some of the shares from the South African group, Redefine, which this week listed its residual 2.3% stake in Cromwell as βnon-core assetsβ.
ARA first entered the Cromwell register in 2018 when it did a direct deal with Redefine to buy a 19.5% stake in Cromwell for A$405m.
Prior to the latest acquisition, ARA held 21.4% stake in Cromwell.
