Australia's Cromwell Property Group has unveiled details of its planned listing of a €1.8 bn European property portfolio on the Singapore stock exchange later this month.
In a preliminary prospectus, Cromwell said the real estate investment trust expects to raise gross proceeds of up to €1.25 bn by issuing 1.58 billion units at between €0.55 and €0.57 a unit.
The REIT, which draws rental income from 81 properties across six countries in Europe, will tap Asian investors for roughly €900 mln while Cromwell Property Group will retain a 12.7% stake in the investment vehicle, Singapore's first euro-denominated REIT.
The IPO has two cornerstone investors - Cerberus Singapore, which is taking up to a 7% stake, and Hillsboro Capital with an 8% stake.
The public offering will open on 21 September and close on 26 September, based on its indicative timetable.
The vehicle has a portfolio of retail, office and light industrial properties across gateway cities in Denmark, France, Germany, Italy, the Netherlands and Poland, valued at €1.83 bn. The portfolio has over 1,000 leases and a weighted average lease expiry of 5.1 years.
Goldman Sachs and UBS are the joint issue managers. They are also the joint bookrunners and underwriters together with DBS, Daiwa Capital Markets and CITIC CLSA Securities.
Cromwell's European arm is headed by Australian David Kirby (pictured).
