Cromwell E-Reit to issue 326.1m new units; distributes income to existing unitholders

CROMWELL European Real Estate Investment Trust on Tuesday said it will place out about 326.1 million new units at 46 euro cents each via a private placement, and distribute its income prior to the issue of these new units to"ensure fairness" to existing unitholders.

The Reit's manager previously announced that it will buy six European freehold office properties – three in France and three in Poland – for 246.9 million euros , to be financed with a mix of debt and equity via a private placement. With the issue of the new units, Cromwell E-Reit will have about 2.53 billion units as at July 2. The new units will commence trading on the Singapore Exchange's mainboard at 9am on Tuesday.

These units will rank pari passu in all respects with the existing units in issue on July 1, other than those from a cumulative distribution.

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