Earlier this month, when I blogged about Cromwell European REIT, I mentioned that the sponsor, post IPO, would be holding a rather smallish stake in the REIT. To me, it seems as if the REIT is a place for the sponsor to dump their rojak portfolio. "It gives me the feeling that the sponsor wants to dump everything into a pot and be done with it." (See related post at the end of this blog.) Well, things have changed. I don't know why but it seems that they have decided to shrink the size of the IPO and the sponsor will now have a stake of 25.9% to 26.8% in the REIT. These are much better numbers. There will be a better alignment of interests with other investors in the REIT, for sure. Simply put, if Cromwell European REIT should do badly, the sponsor will hurt much more now compared to when they were going to have just a 12.7% stake ......