Property trust seeks to raise up to 927m euros in S'pore IPO

Hong Kong

CROMWELL European Real Estate Investment Trust (Cereit), a property trust sponsored by Australia's Cromwell Property Group, launched on Monday an up to 927 million-euro (S$1.5 billion) initial public offering in Singapore, IFR reported citing a term sheet of the deal.

The base offering for Cereit, as the trust is called, consists of up to 1.296 billion units in an indicative range of 0.55-0.57 euros each, added IFR, a Thomson Reuters publication. This is lower than the 1.57-1.58 billion units, as indicated in the preliminary prospectus lodged earlier this month.