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Cromwell still keen to list European REIT in Singapore, CEO says


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Cromwell still keen to list European REIT in Singapore, CEO says

Cromwell Property Group CEO Paul Weightman affirmed the company's commitment to list its European real estate investment trust on the Singapore bourse, telling The Australian that the group is just carefully considering its next course of action.

The Australia-listed group decided in September to not register the prospectus for the €927 million IPO of Cromwell European Real Estate Investment Trust, despite saying the REIT's IPO received significant interest from investors.

Commenting about the suspended IPO, Weightman was quoted in the Oct. 5 report as saying that the company still intends "to go ahead with it but [is] taking into account some feedback from the market," echoing similar sentiments shared at the announcement of the decision to postpone the listing.

In the same report of the publication, Weightman also addressed media reports circulating regarding an alleged plan by Redefine Properties Ltd., Cromwell's major shareholder, to sell a stake in the Australia-listed group. Weightman negated the claims saying Redefine "can't replicate" the value it is getting from the 26% stake it owns in Cromwell.