Cromwell announces new $170 million strategic placement

Cromwell announces new $170 million strategic placement
Cromwell announces new $170 million strategic placement
Cromwell Property Group has today announced a $170 million strategic placement to SingHaiyi Group Ltd. and Haiyi Holdings Pte. Ltd., which are entities associated with Gordon Tang and Celine Tang, cornerstone investors in the Cromwell European REIT.

SingHaiyi Group Ltd. is also listed on the Main Board of the
SGX-ST and specialises in property development, real estate investment, real estate co-investing and real estate management services.

With interests that span Singapore, US and Europe it has considerable expertise in real estate development, investment and management across both listed and unlisted vehicles, principally held through Haiyi Holdings Pte. Ltd.

Proceeds from the strategic placement will be used to repay short term debt associated with Cromwell’s investment in CEREIT and for investment in value adding opportunities in the portfolio and potential acquisition opportunities.

“I highlighted last week that the successful IPO of CEREIT was a transformative deal,” said Cromwell CEO Paul Weightman. 

Approximately 175 million new Cromwell stapled securities (New Securities) will be issued under the strategic placement at an issue price of $0.9691 per New Security. The issue price represents a 4.9% discount to the 30 day VWAP of $1.02 to 8 December 2017.

The New Securities will be allotted on 15 December.
Tags: 
Strategy Cromwell Property Group

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