Property fund manager’s stock pops as it says goodbye to Europe

Struggling Brisbane-based fund manager Cromwell Property Group has sold its European platform for $457 million, which, coupled with the sale of a Polish malls portfolio last week, completes its exit from Europe and dramatically deleverages the $1.1 billion ASX-listed company.

Chaired by Gary Weiss and led by Jonathan Callaghan, Cromwell’s perseverance was quickly rewarded, with its stock jumping on the news and closing 8 per cent higher at 47¢.