ASX-listed Cromwell buys 50% stake in Oyster Group for up to $7.5 mln

ASX-listed Cromwell buys 50% stake in Oyster Group for up to $7.5 mln
By Suze Metherell June 5 (BusinessDesk) - Cromwell Property Group, the ASX-listed property and funds manager, will spend up to $7.5 million for a 50 percent stake in New Zealand property manger, Oyster Group. The Brisbane-based company paid $5 million up front for half of Oyster, with earn-outs of up to $2.5 million over the next two years, dependent on the New Zealand firm's financial performance, Cromwell said in a statement. Auckland-based Oyster has more than $650 million worth of properties under its management, including 18 retail b...