Cromwell European REIT makes muted debut on SGX

Shares in Cromwell European Real Estate Investment Trust (CEREIT) opened unchanged in Thursday's trading debut.

singapore trader
An office worker walks past a logo of the Singapore Stock Exchange (SGX) outside its premises in the financial district of Singapore. REUTERS

Shares in Cromwell European Real Estate Investment Trust (CEREIT) opened unchanged in Thursday's trading debut.

At 0645 GMT, CEREIT shares traded at 0.55 euros on the Singapore Exchange, with nearly 12,300 shares changed hands.

CEREIT'S initial public offering was about 3.1 times subscribed. The trust had 36.36 million units available for the public offer, which closed at 12 noon on November 28.

The REIT manager had offered 428.5 million units at 0.55 euros per unit to raise total proceeds of 866 million euros (S$1.4 billion).

With a market capitalisation of about 866 million euros (S$1.4 billion), the listing of Cromwell European REIT will bring the total number of SGX-listed REITs and property trusts to 43.

CEREIT owns a portfolio of 81 properties that include office, logistics, retail and light industrial situated across mature markets in the European union – Denmark, France, Germany, Italy, the Netherlands and Poland – with an aggregate value of 1.83 billion euro. These properties originate mainly from four Cromwell-run fund, with some assets acquired from private equity firm Cerberus.

Cerberus Singapore and Hillsboro Capital are cornerstone investors in the IPO and will hold 11.6 percent stake each.

singapore trader
An office worker walks past a logo of the Singapore Stock Exchange (SGX) outside its premises in the financial district of Singapore. REUTERS

Shares in Cromwell European Real Estate Investment Trust (CEREIT) opened unchanged in Thursday's trading debut.

At 0645 GMT, CEREIT shares traded at 0.55 euros on the Singapore Exchange, with nearly 12,300 shares changed hands.

CEREIT'S initial public offering was about 3.1 times subscribed. The trust had 36.36 million units available for the public offer, which closed at 12 noon on November 28.

The REIT manager had offered 428.5 million units at 0.55 euros per unit to raise total proceeds of 866 million euros (S$1.4 billion).

With a market capitalisation of about 866 million euros (S$1.4 billion), the listing of Cromwell European REIT will bring the total number of SGX-listed REITs and property trusts to 43.

CEREIT owns a portfolio of 81 properties that include office, logistics, retail and light industrial situated across mature markets in the European union – Denmark, France, Germany, Italy, the Netherlands and Poland – with an aggregate value of 1.83 billion euro. These properties originate mainly from four Cromwell-run fund, with some assets acquired from private equity firm Cerberus.

Cerberus Singapore and Hillsboro Capital are cornerstone investors in the IPO and will hold 11.6 percent stake each.

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