Cromwell: German portfolio at Singapore exchange


The Australian Cromwell Property Group has listed the Cromwell European Real Estate Investment Trust (Cereit) in Singapore. It is the first REIT managed in Euro and the first REIT with a diversified pan-European portfolio to be listed at the Singapore exchange. In terms of market value, it is the largest REIT flotation in Asia since 2013. The Cereit IPO portfolio includes 74 assets in Germany and in the Netherlands, France, Italy, and Denmark, with an assessed total volume of €1.354bn. Cromwell had taken over the logistics specialist Valad from Blackstone in early 2015. In preparation of the IPO, the firm was advised on the cross-border transactions by an international, Germany-led team of the law firm of Clifford Chance.

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