Singapore: APAC Realty to list on SGX; Cromwell REIT to halt IPO plans

Singapore skyline. Credit: CapitaLand.

APAC Realty plans to list on the SGX Mainboard while Cromwell Property Group has suspended its plans to list the Cromwell European REIT.

APAC Realty to list on SGX Mainboard

APAC Realty Limited, a real estate brokerage services provider operating under the ERA brand, plans to list on the SGX Mainboard.

DBS Bank Ltd. is the sole issue Manager, bookrunner and underwriter for the offering.

APAC Realty operates three main business segments – real estate brokerage services; franchise arrangements; and training, valuation and other ancillary services.

It is making an offer of 48,914,200 ordinary shares in the capital of the company comprising an international placement of 44,503,200 shares to investors and a public offering of 4,411,000 shares in Singapore at 66 cents.

At the same time but separate from the offering, the company has entered into cornerstone subscription agreements with FIL Investment Management (Hong Kong) Limited, Qilin Asset Management, Asdew Acquisitions Pte Ltd and Azure Capital Pte Ltd to subscribe for an aggregate of 39,321,200 Shares.

Investment proceeds will be used to strengthen and expands its Singapore presence, expand its range of services and geographical footprint and expand its technological capabilities.

Cromwell REIT suspends listing

Cromwell Property Group announced on Friday that it will not proceed with the Cromwell European REIT (CEREIT) listing on the Singapore Exchange (SGX) as it had initially planned.

Cromwell REIT was the first euro-dominated REIT on the Singapore bourse and was supposed to be the second-largest public listing on the SGX this year. The company said it is delaying the registration of the IPO prospectus due to “current market conditions”. According to media reports, this was due to a lack of interest from investors.

In a filing with the ASX, Cromwell’s CEO said Paul Weightman said, “Cromwell continues to believe in the quality of CEREIT’s portfolio, its investment thesis, and the exposure it provides to improving European real estate fundamentals.”

The REIT has an aggregate value of €1.83 billion ($2.18 billion), with a portfolio of retail, office and light industrial properties across cities in Denmark, France, Germany, Italy, the Netherlands and Poland.

Also Read:

Singapore: Makara Capital’s $700m fund to focus on later-stage startup funding

Exclusive: Singapore fintech BetterTradeOff raises $1.48m seed round

Singapore NRF seeks to invest $11.8m to in cybersecurity projects

Singapore: Jubilee Capital backs $3m Series A in Menusifu

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.