September 18, 2017 / 5:21 AM / a year ago

Australia's Cromwell seeks up to $1.1 bln with Singapore REIT offering -IFR

HONG KONG, Sept 18 (Reuters) - Cromwell European Real Estate Investment Trust, a property trust sponsored by Australia’s Cromwell Property Group, launched on Monday an up to 927 million euros ($1.1 billion) initial public offering in Singapore, IFR reported citing a term sheet of the deal.

The base offering for CEREIT, as the trust is called, consists of up to 1.296 billion units in an indicative range of 0.55–0.57 euros each, added IFR, a Thomson Reuters publication. The REIT will also sell up to 334.8 million units to two cornerstone investors, the terms showed.

The units’ price is equivalent to a forecast dividend yield of up to 7.7 percent a year for fiscal 2018.

$1 = 0.8374 euros Reporting by S. Anuradha of IFR; Writing by Elzio Barreto

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