September 22, 2017 / 10:17 AM / 10 months ago

Australia's Cromwell puts on hold up to $1.1 billion Singapore IPO of REIT

SINGAPORE (Reuters) - Australia’s Cromwell Property Group (CMW.AX) has put on hold its up to 927 million euros ($1.1 billion) initial public offering (IPO) of a real estate investment trust on the Singapore Exchange, according to a stock exchange filing.

“Despite receiving significant interest from strategic, institutional and retail investors, given current market conditions, it will not proceed with the registration of the Prospectus for the Cromwell European REIT in accordance with the timetable previously indicated to the market,” Cromwell said in a statement on Friday.

Cromwell said it would re-assess the situation with stakeholders and strategic partners, and will provide an update.

The IPO was to be priced on Sept. 21, with a debut on the Singapore stock exchange on Sept. 28.

Reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman

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