Singapore Exchange (SGX) aspirant Cromwell European REIT amended the prospectus it lodged with the Monetary Authority of Singapore on 18 September to reflect a reduced initial public offering (IPO) size.

Cromwell European REIT announced earlier in September 2017 that intended to list 1,585,935,000 units on the SGX to raise some EUR903 million.

Read: Cromwell European REIT to IPO between EUR0.55 and EUR0.57.

According to the amended prospectus, the REIT will now list 1,296,105,000 units for its IPO instead, although the offer price range remains at between EUR0.55 and EUR0.57.

Under the amended terms, Cromwell European REIT’s sponsor, Australian Securities Exchange (ASX)-listed Cromwell Property Group will now hold between 567 million and 587 million units of the REIT.

This is assuming that the over-allotment option of up to 136 million units is not exercised.

This will give the sponsor a stake of between 25.9% and 26.8% in the REIT, based on the maximum and minimum offer prices respectively.

Cromwell European REIT has not given a reason as to why it has amended the terms of its offering.