Cromwell takes another shot at listing European IPO

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SINGAPORE (Nov 23): Two months after aborting the initial public offering (IPO) process, Australia’s Cromwell Property Group is pushing ahead with the Singapore listing of its European REIT, this time smaller in size.

On Wednesday, sponsor Cromwell lodged its revamped Cromwell European REIT (CEREIT) which is selling 428.5 million units at EUR 0.55 each — or the bottom of the range in the first IPO attempt — to raise gross proceeds of EUR 236 million (S$376 million) in conjunction with its listing on the Singapore Exchange.

In the placement tranche, 392.2 million units will be offered to institutional investors while 36.4 million units will be made available in the public tranche... (Click here to read the full story.)