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Cromwell’s European REIT lists in Singapore

Cromwell Property Group (ASX: CMW) announced that it has successfully listed its Cromwell European Real Estate Investment Trust (CEREIT) on the Singapore Stock Exchange, after revisions to the initial offering in the past few months. Units in the CEREIT were offered at €0.55 and closed at a slight premium, at €0.555, on the first day of trade. With a market capitalisation of €865M, CEREIT is the largest REIT IPO by market capitalisation in Asia since 2013 and is the first euro denominated REIT on the Singapore Exchange. Cromwell holds a 35.8% stake valued at approximately €310M (A$484M).

During the week, Cromwell was also active in Australia, selling its Health and Forestry House in Charlotte and Mary Streets, Brisbane, QLD for $66M. The price was only a slight premium to the $65M that CMW paid for the asset in 2013. Despite this, the 17-storey office property has delivered around $14M p.a in rent annually, providing CMW with an attractive yield of 20% p.a.