Cromwell European Real Estate Investment Trust received valid subscriptions in respect of 628,959,236 rights units at the Dec. 12 close of its rights issue of 600,834,459 units.
The subscriptions represent approximately 104.7% of the underwritten and renounceable issuance. The REIT had planned to raise roughly €224.1 million from the offering to finance a number of European property deals worth an estimated €384.4 million.
The units are expected to be issued on or around Dec. 20 to eligible unit holders, with listing on the main market of the Singapore Exchange Securities Trading Ltd. to become effective Dec. 21. The units will rank pari passu in all respects with the company's existing issued units, according to a release.
DBS Bank Ltd., Goldman Sachs (Singapore) Pte., UBS AG's Singapore branch, Daiwa Capital Markets Singapore Ltd. and CLSA Singapore Pte Ltd. are the joint book runners and underwriters for the offering.
Goldman Sachs and UBS are also the joint issue managers for the rights issue.