12 Sep '17, 1am

Singapore: Cromwell to raise $1.6b to back its REIT listing on SGX

Australian real estate investment (REIT) manager Cromwell Property Group plans to raise an estimated A$2 billion ($1.61 billion) to back its REIT listing on the Singapore Exchange (SGX) Mainboard. Goldman Sachs and UBS are serving as joint managers, bookrunners and underwriters together with Daiwa Capital Markets, CITIC CLSA Securities and DBS Bank. The offer size of 1.58 billion units consists of an international placement tranche of about 1.2 billion units. This is accompanied by a Japanese public offering of 268 million units, with the Singapore public able to access 79 million units. According to media reports, the roadshows will be held in Singapore, Hong Kong, Tokyo and Europe, with the Cromwell European REIT planning to list by the end of the month and making it the Singapore bourses’ first euro-denominated REIT. It will list on 28 September with a market capitalisa...

Full article: https://www.dealstreetasia.com/stories/singapore-cromwell...

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