Cromwell Property Group, the Sydney-listed REIT, has been given the go-ahead by the Singapore stock exchange (SGX-ST) to launch its proposed Cromwell European Real Estate Investment Trust (CEREIT), comprising an AUD 1.8 bn (€1.2 bn) portfolio of European real estate assets.
During its FY17 results presentation on 25 August, the Australian property investment company confirmed that the SGX-ST had issued CEREIT with an Eligibility-To-List (ETL) on 23 August. Plans to create the investment trust were unveiled several months ago.
Cromwell EREIT Management, a wholly-owned subsidiary of Cromwell and the manager of CEREIT, received a Capital Markets Services Licence from the Monetary Authority of Singapore (MAS) on 17 August.
It is understood that the launch of CEREIT will also involve Cromwell's European business, Valad Europe, which was acquired in 2015 and was fully integrated into the group in February of this year.
Since acquiring the European investment manager in 2015, Cromwell has grown its business and assets under management with the addition of several new mandates and the launch of the Cromwell European Cities Income Fund (CECIF), the group’s first European open-ended institutional core fund.
In a note to investors, the firm said: 'Due to restrictions on publicity surrounding the IPO, Cromwell is not able to say anything more than what has been previously announced, but will release further information following lodgement of a prospectus in early September'.
Cromwell's European funds management platform currently manages €3.3 bn of real estate assets and investment capacity in both funds and mandates. The platform covers 270 assets and 2,900 tenants, managed by local teams totalling around 180 people in 21 offices and 13 European countries.
