Mainboard-listed SingHaiyi Group, together with Haiyi Holdings (a wholly-owned entity of its shareholders Gordon and Celine Tang) are jointly taking a 9.9% stake in Cromwell Property Group – for A$169.6 million ($172.4 million). Cromwell is an Australia-listed real estate investment manager.

For SingHaiyi, the move will provide the company with an opportunity to venture into a new market – Australia. “SingHaiyi will be firmly positioned to directly benefit from the strong growth potential of Cromwell’s diversified portfolio of high quality income producing assets,” says Celine Tang, group managing director of SingHaiyi. The company, who announced the subscription on Dec 11, has existing property developments and investments in Singapore, Malaysia and the US.

In addition, SingHaiyi says the subscription will also strengthen the recurring income base of the company. As at June 30, Cromwell has a direct property investment portfolio in Australia valued at A$2.3 billion, and total assets under management of A$10.1 billion in Australia, New Zealand and Europe, says SingHaiyi.

With a market capitalisation of A$1.7 billion as at June 30, Cromwell is also the sponsor of the Singapore-listed Euro-denominated Cromwell European REIT – in which the Tangs have a 13.9% interest, and are cornerstone investors.