Singapore Exchange (SGX) informed that it has today welcomed Cromwell European REIT (CEREIT) to its Mainboard under the stock code “CNNU”.
CEREIT is the first Singapore real estate investment trust that offers investors an opportunity to invest in a diversified Pan-European portfolio. Its initial public offering portfolio consists of 74 properties in or close to major gateway cities in Denmark, France, Germany, Italy, as well as the Netherlands, with a balanced focus on the office and light industrial / logistics sectors.
Philip Levinson, Chief Executive Officer, Cromwell EREIT Management, said:
As the first Singapore REIT with a diversified Pan-European asset base, we are delighted by the significant interest in our offering from the investment communities in Singapore and globally. CEREIT aims to provide our investors with access to improving European markets, as well as a geographically diverse and scalable portfolio of commercial and industrial properties. With the strong support of our sponsor, Cromwell Property Group, we will focus on meeting and exceeding our target forecasts through active asset management, a value-accretive acquisition growth strategy, and best practise approach to sustainability. Today’s successful listing is one of many milestones in our journey as a public company; we look forward to executing our strategies and delivering stable income to our Unitholders into the future.
Chew Sutat, Head of Equities & Fixed Income, SGX, added:
We are pleased to welcome Cromwell European REIT, the first Euro-denominated listing and first REIT with a diversified Pan-European portfolio to be listed on SGX. This first-of-its-kind listing in Asia adds to the vibrancy of SGX’s REIT cluster and offers investors an opportunity to invest in Europe’s real estate sector.
With a market capitalisation of about €866 million (S$1.4 billion), the listing of Cromwell European REIT will bring the total number of SGX-listed REITs and property trusts to 43, with a combined market capitalisation of about S$88 billion.
SGX is the largest REIT platform in Asia ex-Japan, with more than 70% of SGX-listed REITs and property trusts owning assets outside of Singapore. Together with real estate companies, the overall real estate cluster has a combined market capitalisation of S$205 billion.
Cromwell European REIT opened at €0.55 today.