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Deals

Australia's Cromwell Property confirms approach to RDI Reit

(Reuters) - Australia-based global real estate investment manager Cromwell Property Group confirmed on Wednesday it has approached London-listed RDI Reit PLC about a possible takeover offer as part of its efforts to expand in the UK and Europe.

The Brisbane-based firm said it noted recent media speculation about RDI, and said discussions between the parties were ongoing.

Over half of Cromwell’s A$11.5 billion ($8.2 billion) of assets under management as at December 31, 2018 was concentrated in Europe, the company said in a statement.

Reporting by Aby Jose Koilparambil in Bengaluru; editing by Richard Pullin

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