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Cromwell European REIT debuts at offer price in Singapore
November 30, 2017 / 6:13 AM / 15 days ago

Cromwell European REIT debuts at offer price in Singapore

SINGAPORE, Nov 30 (Reuters) - Cromwell European Real Estate Investment Trust, sponsored by Australia’s Cromwell Property Group, started trading at 0.55 euros per unit on Thursday, same as the offer price of its 556 million euro ($659.5 million) IPO in Singapore.

Cromwell European REIT had offered 428.5 million units at 0.55 euros each. Separately, cornerstone investors had agreed to subscribe to 581.82 million units.

The IPO is Singapore’s largest since a $1.7 billion IPO of NetLink NBN Trust, the broadband unit of Singapore Telecommunications. It marks the best year since 2013 for IPOs on the Singapore Exchange, a global hub for REITs and property companies.

$1 = 0.8431 euros Reporting by Aradhana Aravindan; Additional reporting by Patturaja Murugaboopathy; Editing by Muralikumar Anantharaman

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