Australia based Cromwell Property Group lodge their prospectus to go ahead and list their portfolio of European properties on the SGX as Cromwell European REIT (CEREIT).
Cromwell Property is in the business of owning real estate for capital growth and rental income in Australia. They are also in the fund management space, managing portfolios acquired from time to time as unlisted wholesale property funds.
From time to time they divest the properties in these funds so that their investors in these property funds can exit and realize their gains. Or they sell off the whole portfolio to one of the highest bidder.
Not too long ago, they engaged Goldman Sachs to mull a listing in Singapore. It looks like they will go ahead and we will have our first REIT denominated in Euros.
The REIT will most likely priced between EUR 0.55 to EUR 0.57.
How does this …