Singapore's first euro-denominated REIT says IPO subscribed 3.1 times

Cromwell European Real Estate Investment Trust (CEREIT) said its initial public offering was about 3.1 times subscribed.

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An SGX sign is pictured at Singapore Stock Exchange Reuters

Cromwell European Real Estate Investment Trust (CEREIT) said its initial public offering was about 3.1 times subscribed.

CEREIT had 36.36 million units available for the public offer, which closed at 12 noon on November 28.

It had also offered 392.17 million units for an international placement, which was oversubscribed as well.

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).

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 shares will start trading on November 30 at about 2pm local time.

Goldman Sachs (Singapore) and UBS AG Singapore Branch are the joint issue managers for the offering. The two banks, plus DBS Bank, are the joint global coordinators for the offering as well.

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