Cromwell European Real Estate Investment Trust (CEREIT) has filed a prospectus for a 865.7 million euro (S$1.39 billion) listing in Singapore, cutting the size of a previously planned offering.
CEREIT's sponsor Australia-listed Cromwell Property Group on Wednesday lodged an amended prospectus to list the property trust. In September, it launched an up to 927 million euro IPO, but put the listing on hold, citing market conditions.
A total of 428.54 million units at 0.55 euros each will be offered to public and institutional investors - a combined interest of 27.1 percent. Separately, cornerstone investors have agreed to subscribe to 581.82 million shares.
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.
The CEREIT IPO is expected to open on November 22, according to the indicative timetable in the prospectus, and will close on November 28.
Trading is slated to begin on November 30 at about 2pm local time.