For whoever's interested, there's an article yesterday titled...

For whoever's interested, there's an article yesterday titled "Cromwell mulls big Australian office REIT, bankers up for review" which should help clear up the air.

"To me this seems to be churning assets over and replacing with much the same and then set up a new listed company focusing on Australian Office Assets which seems to be in competition with CMW own assets."
I believe they are looking to reduce their stake by way of listing their existing high quality Australian office portfolio as a separate REIT. Since REITs are usually listed at NTA, this will help realise value and close the NTA discount. The remaining CMW will become more of an asset light REIT manager with minority stakes in the REITs it manages, deriving recurring fee income from the asset under management (AUM) and distribution income as well from the minority stakes. The key to growing profits will be an expanding AUM.

FWIW, Cromwell European REIT (CEREIT) has just announced that it has today priced S$100,000,000 fixed rate subordinated perpetual securities comprised in Series 001. If used for further acquisitions, we should see AUM and thus fee income growing.