Cromwell European REIT lists on Singapore Exchange
Cromwell Property Group has completed the initial public offering (IPO) of the Cromwell European Real Estate Investment Trust (CEREIT) after CEREIT debuted on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST).
“The successful IPO of CEREIT is an innovative and transformative deal,” says Cromwell CEO Paul Weightman. “It’s the first Euro denominated REIT on the SGX-ST and the largest REIT IPO in Asia since 2013 by market capitalisation.
“It substantially grows our global funds management platform, with a sizeable presence in Singapore, the fastest growing wealth management centre in Asia.
“CEREIT also secures approximately one third of our existing European assets under management (AUM) with longer term capital, and allows us to grow our platform in Italy, the Eurozone’s third largest economy, with an additional EUR400 million in assets under management.”
Cromwell’s wholly-owned subsidiary Cromwell EREIT Management Pte. Ltd., the manager of CEREIT, raised gross proceeds of EUR865.7 million. Cromwell’s stake of 35.8 per cent, as at the listing date, and assuming the over-allotment option is not exercised, is valued at approximately EUR310 million.
CEREIT’s cornerstone investors include Cerberus Singapore, Hillsboro Capital, Ltd and Gordon Tang and Celine Tang.