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.