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Cromwell European Reit gets Singapore Exchange nod for S$1.6b IPO
CROMWELL European Real Estate Investment Trust (Cereit), a Singapore Reit with portfolio of assets in Europe, has received an Eligibility-to-List (ETL) nod from the Singapore Exchange for its estimated one billion euros (S$1.6 billion) initial public offering (IPO).
The IPO could take place at the end of September, if all conditions are met, said the Reit's sponsor Cromwell Property Group in a statement on Thursday.
The ETL was issued on Wednesday to the company while Cereit's manager - Cromwell EREIT Management - received a Capital Markets Services Licence from the Monetary Authority of Singapore on Aug 17.
"The IPO reflects Cromwell's stated strategy of diversifying capital sources and achieving recurring revenues from its funds management business," said Cromwell.
Assuming a successful IPO, and subject to final allocations, Cromwell said that it plans to hold a sponsor stake of some 10 per cent in Cereit, which has been fully funded.
Cereit's IPO will be subject to market conditions, obtaining relevant regulatory and other approvals and the execution of definitive agreements by relevant parties.