Cromwell European REIT property in Amsterdam, De Ruijterkade 5 (Photo: Google Maps)Cromwell European REIT's property in Amsterdam, De Ruijterkade 5 (Photo: Google Maps)

Cromwell European REIT has lodged a preliminary prospectus with the Monetary Authority of Singapore (MAS) to list 1,585,935,000 units on the Singapore Exchange at between EUR0.55 and EUR0.57.

The mixed commercial REIT will comprise of an initial portfolio of 81 properties across Denmark, France, Germany, Italy, the Netherlands and Poland, with an aggregate lettable area of approximately 1.4 million square metres.

The appraised value of the REIT’s IPO portfolio as at 30 April 2017 is approximately EUR1.834 billion (SGD2.9 billion ) based on the higher of the two independent valuations.

The REIT’s occupancy at the time of IPO will be approximately 89.3% with a weighted average lease expiry (WALE) of 5.1 years.

Cromwell European REIT has positioned itself as Singapore’s first diversified REIT with a pan-European portfolio.

The REIT will operate a mix of primarily office (35%), light industrial and logistics (31.1%), and retail (27.3%) properties, while the rest of its assets are categorised as “others”.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.