Cromwell’s REIT debuts in Singapore
Cromwell Property Group has announced the initial public offering (IPO) of its €1.4 billion European Real Estate Investment Trust (CEREIT) on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST).
The debut would be expected to drive transformation of the firm’s global funds platform as CEREIT secured around one third of Cromwell’s European assets under management (AUM) with longer term capital, and would help the company grow its platform in Italy with an additional €400 million in assets under management, the company said.
Cromwell’s chief executive, Paul Weightman added: “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’s cornerstone investors included Cerberus Singapore, Hillsboro Capital as well as Gordon Tang and Celine Tang.
Hillsboro Capital is a private investment holding company of Andrew Tan, a chairman of the Philippines-based listed conglomerate Alliance Global Group, and his family.
Cromwell’s wholly-owned subsidiary Cromwell EREIT Management, the manager of CEREIT, raised gross proceeds of €865.7 million.
Cromwell’s stake of 35.8 per cent, as at the listing date, which was valued at around €310 million.
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