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.
- 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
Macro – Eurozone
Cromwell European REIT (CEREIT) IPO Listing Time Table
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