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#CromwellEuropeanREIT 2nd IPO trial.
http://mystocksinvesting.com/singapore-stocks/cromwell-european-reit-singapore-stocks/cromwell-european-reit-cereit-revives-ipo-plan-updated-ipo-summary/
http://mystocksinvesting.com/singapore-stocks/cromwell-european-reit-singapore-stocks/cromwell-european-reit-cereit-revives-ipo-plan-updated-ipo-summary/
Long reply here needed,.. wait for KBS Realty,... ensure you can apply for the IPO over yr DBS session.
Allanboy ( Date: 25-Sep-2017 23:53) Posted:
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I am a newbie here.
I am in the same situation as you. I have been ploughing my monies into FLT, MLP and RHT as CRT is currently my biggest dividend play. I heard that is another reits by Keppel-KBS. Any suggestion which other reits to park my funds? Thx.
I am in the same situation as you. I have been ploughing my monies into FLT, MLP and RHT as CRT is currently my biggest dividend play. I heard that is another reits by Keppel-KBS. Any suggestion which other reits to park my funds? Thx.
chengwh1 ( Date: 24-Sep-2017 23:18) Posted:
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Well,... I was hoping to park some funds here after I got back my proceeds from Croesus Retail Trust,... now my hopes are dashed,... need to do more work to find other ctrs now,... How abt you ?
Goldfinger ( Date: 23-Sep-2017 12:41) Posted:
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That' s right - 67 properties from the Cromwell closed-ended European Funds, plus 14 properties from Cerberus,.. makes up a total of 81 properties as declared in the prospectus. No properties from Hillsboro Capital ??
Ximi88 ( Date: 22-Sep-2017 18:26) Posted:
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Good don?t come here to con $
sengsk ( Date: 23-Sep-2017 13:45) Posted:
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A lousy Company finally understand not easy to fool Singapore investors.
SGX make another fool decision for accepting him step into our ground.
SGX make another fool decision for accepting him step into our ground.
Reception to the IPO was cool. That' s why ut was withdrawn. No difference to investors cos Australia- managed reits always cost more than Singaporean-managed ones.
MichaelSchenker ( Date: 22-Sep-2017 20:06) Posted:
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Only junk seems to come here - pathetic.
And what are our SWFs doing to help raise our market valuations? Even they don't believe in SGX and rather play elsewhere??
And what are our SWFs doing to help raise our market valuations? Even they don't believe in SGX and rather play elsewhere??
http://www.straitstimes.com/business/cromwell-reit-drops-plans-for-singapore-ipo?xtor=CS11-86
Cromwell REIT drops plans for Singapore IPO
SYDNEY - Australian real-estate company Cromwell European Reit has elected not to proceed with its plans for an initial public offering on the Singapore Exchange, the company said in a filing on the Australian exchange on Friday (Sept 22).
The IPO was to be the first euro-dominated Reit on SGX, and touted to be Singapore' s second-largest this year.
Cromwell European Real Estate Investment Trust, a unit of Australia-listed Cromwell Property Group, had started taking orders earlier this month.
The company, which draws rental income from 81 properties in six European countries, had received significant interest from strategic, institutional and retail investors, but its decision to drop plans for &euro 1.09 billion (S$1.75 billion) was taken given current market conditions, the company said in the stock exchange filing.
" Cromewell continues to believe in the quality of CEREIT' s portfolio, its investment thesis, and the exposure it provides to improving European real estate fundamentals," Cromwell chiec executive officer Paul Weightman said, according to the filing.
It will re-assess the situation in conjunction with key stakeholders and strategic partners and will provide a further update in due course, the filing added.
However, media reports said the demand for its units was tepid. Demand from institutional investors wasn' t up to the company' s expectations as the deal size was too large, the Dow Jones Newswires reported quoting sources familiar with the matter.
Also, some investors were skeptical of the growth prospects in some of its European assets given these investors' unfamiliarity with those markets, it said.
The Reit has a portfolio of retail, office and light industrial properties in gateway cities in Denmark, France, Germany, Italy, the Netherlands and Poland, valued at &euro 1.83 billion.
It has more than 1,000 leases and a weighted average lease expiry of 5.1 years, which means that no more than 12 per cent of headline rent will expire in each year up to 2021.
About 69.1 per cent of the property portfolio comprises freehold land.
A spokesman for Cromwell Property Group declined to comment.
A spokesman for SGX said that they cannot comment on specific companies. " Our REITs and business trust cluster is the biggest in Asia outside Japan with a total of 50 listings valued at close to S$100 billion. The most recent such listing, NetLink NBN Trust, received IPO subscriptions of S$5 billion, testifying to robust investor interest. We continue to support a healthy pipeline of companies seeking to list REIT and infrastructure assets from diverse geographies," theSGX spokesman said.
Earlier this week, The Straits Times had reported that the Reit had earlier decided to cut the size of the IPO, reducing the number of units on sale from 1.58 billion to 1.3 billion units.
The offer price remained unchanged at 0.55 euros to 0.57 euros (S$0.93) each, according to an amended draft prospectus lodged on Masnet.
This is a reduction from the 1.58 billion offer size initially proposed. The offer price remains unchanged. The Reit was expected to raise up to 739 million euros (S$1.19 billion) based on the 0.57 euros unit price.
Cromwell had earlier intended to keep its holdings in the Reit to between 12.7 and 13.2 per cent and committed to purchase 279 million to 289 million units, assuming the over-allotment option is not exercised. It had declined to comment on its reasons for reducing the offer size.
The Reit was forecasting a distribution yield of 7.5 to 7.7 per cent for next year, to be drawn from rental income across 81 properties in Europe.
Cromwell REIT drops plans for Singapore IPO
SYDNEY - Australian real-estate company Cromwell European Reit has elected not to proceed with its plans for an initial public offering on the Singapore Exchange, the company said in a filing on the Australian exchange on Friday (Sept 22).
The IPO was to be the first euro-dominated Reit on SGX, and touted to be Singapore' s second-largest this year.
Cromwell European Real Estate Investment Trust, a unit of Australia-listed Cromwell Property Group, had started taking orders earlier this month.
The company, which draws rental income from 81 properties in six European countries, had received significant interest from strategic, institutional and retail investors, but its decision to drop plans for &euro 1.09 billion (S$1.75 billion) was taken given current market conditions, the company said in the stock exchange filing.
" Cromewell continues to believe in the quality of CEREIT' s portfolio, its investment thesis, and the exposure it provides to improving European real estate fundamentals," Cromwell chiec executive officer Paul Weightman said, according to the filing.
It will re-assess the situation in conjunction with key stakeholders and strategic partners and will provide a further update in due course, the filing added.
However, media reports said the demand for its units was tepid. Demand from institutional investors wasn' t up to the company' s expectations as the deal size was too large, the Dow Jones Newswires reported quoting sources familiar with the matter.
Also, some investors were skeptical of the growth prospects in some of its European assets given these investors' unfamiliarity with those markets, it said.
The Reit has a portfolio of retail, office and light industrial properties in gateway cities in Denmark, France, Germany, Italy, the Netherlands and Poland, valued at &euro 1.83 billion.
It has more than 1,000 leases and a weighted average lease expiry of 5.1 years, which means that no more than 12 per cent of headline rent will expire in each year up to 2021.
About 69.1 per cent of the property portfolio comprises freehold land.
A spokesman for Cromwell Property Group declined to comment.
A spokesman for SGX said that they cannot comment on specific companies. " Our REITs and business trust cluster is the biggest in Asia outside Japan with a total of 50 listings valued at close to S$100 billion. The most recent such listing, NetLink NBN Trust, received IPO subscriptions of S$5 billion, testifying to robust investor interest. We continue to support a healthy pipeline of companies seeking to list REIT and infrastructure assets from diverse geographies," theSGX spokesman said.
Earlier this week, The Straits Times had reported that the Reit had earlier decided to cut the size of the IPO, reducing the number of units on sale from 1.58 billion to 1.3 billion units.
The offer price remained unchanged at 0.55 euros to 0.57 euros (S$0.93) each, according to an amended draft prospectus lodged on Masnet.
This is a reduction from the 1.58 billion offer size initially proposed. The offer price remains unchanged. The Reit was expected to raise up to 739 million euros (S$1.19 billion) based on the 0.57 euros unit price.
Cromwell had earlier intended to keep its holdings in the Reit to between 12.7 and 13.2 per cent and committed to purchase 279 million to 289 million units, assuming the over-allotment option is not exercised. It had declined to comment on its reasons for reducing the offer size.
The Reit was forecasting a distribution yield of 7.5 to 7.7 per cent for next year, to be drawn from rental income across 81 properties in Europe.
One of the 2 anchor investors, Cerberus sold 14 properties to Cromwell, and these 14 properties will be included in the REIT. That' s why Cerberus agreed to the lock up while the other anchor investor is not subjected to any lock up. Basically Cerberus is using this REIT to exit its investments.
There are even a number of disclaimers in the propectus pg 120-122.
I can understand why investors stay away from Cromwell and thus the IPO got shelved.
There are even a number of disclaimers in the propectus pg 120-122.
I can understand why investors stay away from Cromwell and thus the IPO got shelved.
laksaman57 ( Date: 22-Sep-2017 17:45) Posted:
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https://www.theedgesingapore.com/cromwell-european-reit-shelves-singapore-ipo-plans-weak-investor-demand-reports
Well,... IPO subscription and placement share applications over net are starting tonight ! Does anybody have the exchange rate to be used for converting the SGD to the EUR ? And what is the poposed subscription price ? Is it 35 Eurocents or 37 Eurocents per unit ?
Tq fro your input,....
For the contaminated land issue, it' s just a registration due to historical uses of the land. There is currently NO requirements for expenditures to correct the sitation, and there is no non-compliance issues,... yet.
But, yeah,.. Hillsboro Capital' s units not being LOCKED-UP is certainly an issue if they suddenly dispose after listing on mkt,... But, I wonder why there is no dispute from Cerberus Sgp since Cerberus' units need to undergo a lock-up period for ONE year.
For the contaminated land issue, it' s just a registration due to historical uses of the land. There is currently NO requirements for expenditures to correct the sitation, and there is no non-compliance issues,... yet.
But, yeah,.. Hillsboro Capital' s units not being LOCKED-UP is certainly an issue if they suddenly dispose after listing on mkt,... But, I wonder why there is no dispute from Cerberus Sgp since Cerberus' units need to undergo a lock-up period for ONE year.
Ximi88 ( Date: 20-Sep-2017 18:17) Posted:
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Simply put, there' re 260 working days (52 weeks x 5) and there' re 81 properties. So the REITS manager can spare 3-4 days on a property EACH year!
There' re many areas that I am not comfortable with, like:
Preliminary prospectus pg 56, one of 2 cornerstone investors Hillsboro, is not subject to lock up arrangement.
Preliminary prospectus pg 71, there is a mention that some of the properties are registered as contaminated land.
The acquisition of 4 properties by the sponsor have yet to be completed, and these are already lumped into this IPO. This is like fliiping properties to earn a quick buck. I am out for this IPO.
There' re many areas that I am not comfortable with, like:
Preliminary prospectus pg 56, one of 2 cornerstone investors Hillsboro, is not subject to lock up arrangement.
Preliminary prospectus pg 71, there is a mention that some of the properties are registered as contaminated land.
The acquisition of 4 properties by the sponsor have yet to be completed, and these are already lumped into this IPO. This is like fliiping properties to earn a quick buck. I am out for this IPO.
IPO wil be up tomorrow night,... where to find the information for the exchange rate to be used for conversion into the Euro to subscribe for this IPO ?
http://www.straitstimes.com/business/cromwell-reit-cuts-ipo-size-and-increases-the-sponsors-stake-bloomberg
I think this IPO has been downsized, right ?? Where to get the Term Sheets from ?
laksaman57 ( Date: 18-Sep-2017 21:48) Posted:
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https://www.theedgesingapore.com/investing/cromwell-launches-15-bil-cereit-ipo-singapore
This news will potentially turn-away lots of institutions who are not involved in the coming IPO - scheduled to be open for subscription on Thursday, 9 pm,... The institutions who are ' locked-in' , as the underwriters, global coordinators and bookrunners have no choice but to proceed,.... will probably be priced at EUR0.55 per unit. Perhaps openng underwater,...
sengsk ( Date: 18-Sep-2017 11:00) Posted:
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