What is CEREIT?

Cromwell European Real Estate Investment Trust (CEREIT) is a diversified Pan-European REIT which listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 30 November 2017.

Cromwell Property Group owns 35% of the units of CEREIT.

CEREIT invests in a diversified portfolio of income-producing real estate assets in Europe, across office, light industrial and logistics sectors. CEREIT’s portfolio currently comprises 74 assets in five European countries, covering an aggregate lettable area of 1.1 million square metres (sqm) with over 700 leases.

“The successful IPO of CEREIT is an innovative and transformative deal,” said Cromwell CEO Paul Weightman at the time.

“It’s the first Euro denominated REIT on the SGX-ST and the largest REIT IPO in Asia since 2013 by market capitalisation.”

“It substantially grows Cromwell’s global funds management platform, with a sizeable presence in Singapore, the fastest growing wealth management centre in Asia,” he said.

“CEREIT also secures approximately one third of our existing European assets under management with longer term capital, and allows us to grow our platform in Italy, the Eurozone’s third largest economy, with an additional €400 million in assets under management,” he added.

CEREIT’s Structure

CEREIT is externally managed by Cromwell EREIT Management Pte. Ltd. (‘the Manager’), a whollyowned subsidiary of Cromwell Corporation Limited.

The Manager focuses on strategic functions such as capital management, portfolio construction, compliance, investor relations and finance.

Cromwell’s European business, in its capacity as property manager of CEREIT, provides the Manager with asset, facility and capital management services through its extensive platform of experienced local asset managers in five different countries.

Future Objectives

CEREIT’s objectives are to provide Unitholders with regular and stable distributions, and to achieve long-term growth in Distributions per Unit (DPU) and Net Asset Value (NAV) per Unit.

1 Based on Appraised Value as at 30 April 2017.
2 As at 30 April 2017.
3 A “Perpetual Leasehold” is for an indefinite period of time and the ground rent has been paid off perpetually (which type of leasehold is most similar to a freehold situation).
4 A “Continuing Leasehold” is agreed in principle for an indefinite period of time but has a fixed ground rent paid to the land owner which must be re-agreed at the end of a certain period, which may result in a termination if the leaseholder and the land owner do not agree on the new ground rent.
5 Others include three government-let campuses, one retail asset and one hotel in Italy.