Cromwell launches $1.5 bil CEREIT IPO in Singapore

SINGAPORE (Sept 18): Cromwell European Real Estate Investment Trust (CEREIT) today launched an initial public offering of up to 927 million euros ($1.5 billion) in Singapore.

The REIT is sponsored by Australia’s Cromwell Property Group, an ASX-listed real estate manager which was lately reported to be facing a potential downgrade from Moody’s Investor Service for its high level of debt relative to earnings.  

Cromwell Property Group also recently entered into new short-term loan facilities to fund its stake in CEREIT.

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