ARA Asset Management has invested more than A$65m (€40.5m) to increase its 21.4% stake in Australia-listed Cromwell Property Group to 23.6%.

The Singapore-based manager has bought 49m shares in Cromwell at A$1.33 per share.

Market sources told IPE Real Assets it was likely that ARA had acquired some of the shares from the South African group, Redefine, which this week listed its residual 2.3% stake in Cromwell as “non-core assets”.

ARA first entered the Cromwell register in 2018 when it did a direct deal with Redefine to buy a 19.5% stake in Cromwell for A$405m.

Prior to the latest acquisition, ARA held 21.4% stake in Cromwell.