Cromwell European REIT (CEREIT) IPO Balloting Result

Cromwell European REIT (“CEREIT” or “Crownwell”) announced that its public offering was 3.1x subscribed. The over-allotment option was exercised as well.

Cromwell European REIT IPO Balloting Result announcement.

See the summary of Cromwell European REIT IPO Prospectus here.

Symbol for Cromwell European REIT (CEREIT) in Singapore Stock Exchange is CNNU.SI

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Cromwell European REIT (CEREIT) revives IPO Plan – Updated IPO Summary

Cromwell revives pan-Europe Reit listing

Latest Cromwell European REIT IPO Prospectus  Total 1058 pages.

See previous Cromwell European REIT IPO Prospectus here.

  • Type = Office / Light Industrial / Logistic / Retail (Europe)
  • Sponsor = Cromwell Property Group (hold about 35.8% of the total number units)
  • Total Unit Offered = 1,573,990,000
  • Capitalization = €1,360.1 million
  • Portfolio = 74 (Denmark, France, Germany, Italy and the Netherlands)
  • Portfolio Size @ IPO =  €1.35 billion
  • IPO Offer Price = €0.55
  • Number of units in issue = About 428.54 million
  • NAV = €0.53
  • Price / NAV = 1.038
  • Distribution Yield = 7.8%
  • Distribution Policy = 100% (until 2019), thereafter (at least 90%). Semi-annual.
  • WALE = 4.9 Years
  • Tenant > 700 leases
  • Occupancy Rate = 87.7%
  • Gearing Ratio = 37.2%
  • WADM = 4.0 Years
  • Plan Listing: Nov 30, 2017
  • Application period = Nov 22 to Nov 28, 2017

 

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Portfolio

 

 

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Debt Profile

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REIT Structure

 

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Shareholders

 

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Cromwell European REIT 2018 DPU Yield Comparison

 

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Euro SGD Exchange Rate

 

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Cromwell European REIT Indicative IPO Timetable

 

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Cromwell European REIT drops Singapore IPO Plan

 

 

Summary of possible reasons published in the news:

  1. The demand for its units was tepid. Demand from institutional investors wasn’t up to the company’s expectations as the deal size was too large.
  2. Some investors were skeptical of the growth prospects in some of its European assets given these investors’ unfamiliarity with those markets.

 

Note:

  1. A spokesman for Cromwell Property Group declined to comment.
  2. A spokesman for SGX said that they cannot comment on specific companies.

See news here Cromwell REIT drops plans for Singapore IPO

 

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