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

 

.

Portfolio

 

 

.

Debt Profile

.

REIT Structure

 

.

Shareholders

 

.

Cromwell European REIT 2018 DPU Yield Comparison

 

.

Euro SGD Exchange Rate

 

.

Cromwell European REIT Indicative IPO Timetable

 

Compare to other Singapore REITs here.

Check below on other events:

REITs Investing Course

Investing in Singapore REITs

REITs Portfolio Advisory 

 

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

 

Don’t worry! There are other Singapore REITs here to invest for passive income.

 

Check below on other events:

REITs Investing Course

REITs Portfolio Advisory 

 

 

 

 

CROMWELL European REIT (Cereit) IPO Prospectus Summary

 

OVERVIEW OF CEREIT
CEREIT is the first Singapore real estate investment trust (“REIT”) with a diversified Pan-European portfolio, established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of income-producing real estate assets in Europe that are used primarily for office, light industrial/logistics and retail purposes, as well as real estate-related assets in connection with the foregoing. The Manager is Cromwell EREIT Management Pte. Ltd., a wholly-owned subsidiary of the Sponsor.

Cromwell European REIT IPO Prospectus

 

  • Type = Office / Light Industrial / Logistic / Retail (Europe)
  • Sponsor = Cromwell Property Group (hold about 12.7% of the total number units)
  • Total Unit Offered = 1,583,955,000
  • Capitalization = Euro 1,814.8 million (based on the Maximum Offering Price)
  • Portfolio = 81 (Denmark, France, Germany, Italy, the Netherlands and Poland)
  • Portfolio Size @ IPO = Euro 1,834 million (approximately S$2,990 million)
  • IPO Offer Price = Between Euro 0.55 to Euro 0.57
  • Number of units in issue = 2,192,000,000
  • NAV = Euro 0.54
  • Price / NAV = between 1.0185  to 1.0555
  • Distribution Yield = 7.5% to 7.7%
  • Distribution Policy = 100% (until 2019), thereafter (at least 90%). Semi-annual.
  • WALE = 5.1 Years
  • Tenant > 1000 leases
  • Occupancy Rate = 89.3%
  • Gearing Ratio = 34.3%
  • Plan Listing: September 28, 2017
  • Application period = Sept 21 to Sept 26, 2017

 

Portfolio

 

REIT Structure

 

 

Sponsor

Macro – Eurozone

 

Cromwell European REIT (CEREIT) IPO Listing Time Table

 

 

Compare to other Singapore REITs here.

Check below on other events:

REITs Investing Course

REITs Portfolio Advisory