The initial public offering (IPO) of a REIT that would have been the first in Singapore to offer a portfolio of diversified commercial properties across Europe, has failed to materialise.
Cromwell European REIT first announced in early September that it would list 1.5 billion units on the Singapore Exchange with a portfolio of 81 properties across Denmark, France, Germany, Italy, the Netherlands, and Poland.
In the latest development, the REIT’s sponsor, Australia’s Cromwell Property Group, announced on 22 September that it has elected not to register a prospectus with the Monetary Authority of Singapore (MAS).
The decision not to go ahead came “despite receiving significant interest from strategic, institutional and retail investors”, said Cromwell Property Group in its statement.
No further reasons were given by the company as to why it has backtracked on its planned Singapore listing beyond “current market conditions”.