Cromwell European Real Estate Investment Trust (CEREIT) on Thursday said it received nod from Singapore Exchange for a proposed initial public offering of S$1.6 billion.
CEREIT, owned by Australia-based Cromwell Property Group, is a Singapore real estate investment trust with real estate assets in Europe.
The Singapore Exchange has issued its eligibility-to-list to CEREIT on August 23. Listings are not be permitted until all conditions set out in the eligibility-to-list letter have been satisfied, as per exchange rules.
Cromwell EREIT Management, the manager of CEREIT, got capital markets services licence from the Monetary Authority of Singapore on August 17.
If all conditions are met, the IPO will likely occur at the end of September 2017, the company said in a statement.
Cromwell intends to hold a sponsor stake of about 10 percent in CEREIT following the IPO.
Cromwell Property Group is a real estate investment manager. As at 31 December 2016, Cromwell had a market capitalisation of $1.7 billion and total assets under management of $9.8 billion across Australia, New Zealand and Europe.