Cromwell European REIT debuts at offer price in Singapore (updated)

Stoneweg Europe Stapled Trust

30/11/2017 06:41

* Units trade at 0.55 euro vs 0.55 euro listing price 
    * REIT comprises office, logistics, retail assets in Europe 
 
 (Adds data on exchange listings, details of Cromwell IPO) 
    SINGAPORE, Nov 30 (Reuters) - Units of Cromwell European 
Real Estate Investment Trust (REIT)  CROM.SI  were trading at 
their offer price on their market debut on Thursday, after a 556 
million euro ($659.5 million) initial public offering (IPO) in 
Singapore. 
    The listing marked the city-state's biggest year since 2013 
in terms of money raised via IPOs, Thomson Reuters data showed. 
Companies have raised about $3.22 billion via IPOs this year on 
the Singapore exchange, a global hub for REITs and property 
companies. 
    Cromwell European REIT, sponsored by Australia's Cromwell 
Property Group  CMW.AX , had offered 428.5 million units at 0.55 
euros each. Separately, cornerstone investors, which include 
Hillsboro Capital Ltd and Cerberus Singapore Investor LLC, 
agreed to subscribe to 581.82 million units.  
    Hillsboro Capital is the private investment holding firm for 
Philippine billionaire Andrew Tan. 
    The IPO was smaller than the up-to 927 million euro listing 
that Cromwell put on hold in September citing market conditions. 
 urn:newsml:reuters.com:*:nL4N1M33D3 
    Cromwell European REIT units were trading at 0.55 euros on 
Thursday afternoon. The REIT comprises office, retail and 
logistics assets in Europe. 
    ($1 = 0.8431 euros) 
 
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Australia's Cromwell puts on hold up to $1.1 bln Singapore IPO 
of REIT     urn:newsml:reuters.com:*:nL4N1M33D3 
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 (Reporting by Aradhana Aravindan; Additional reporting by 
Patturaja Murugaboopathy; Editing by Muralikumar Anantharaman) 
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters 
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net)) 
 
Keywords: CROMWELL IPO/