Cromwell E-Reit to rename and rebrand after manager buyout
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A logistics property in Britain owned by Cromwell E-Reit. The Reit's new sponsor is Stoneweg Icona Capital Platform.
PHOTO: CROMWELL E-REIT
Renald Yeo
SINGAPORE - Cromwell European Real Estate Investment Trust (Cromwell E-Reit) will be renamed Stoneweg European Reit from Jan 2, 2025, with corresponding updates to its security and counter names on the Singapore Exchange.
The change follows the completion of a €280 million (S$395.5 million) acquisition of Cromwell E-Reit’s manager by alternative investment group Icona Capital and real estate investment group Stoneweg.
Under the deal, Icona Capital and Stoneweg acquired Cromwell Property Group’s entire 27.79 per cent stake in the Reit.
They also secured full ownership of the Reit’s manager, Cromwell E-Reit Management, as well as Cromwell Europe, its property manager, which oversees over 200 staff across 14 offices in 12 European countries.
Stoneweg Icona Capital Platform, along with its subsidiaries and associates, is now the new sponsor and substantial unit holder of Cromwell E-Reit.
A new logo reflecting the sponsor’s brand identity will be introduced on Jan 2, 2025. It will feature across the soon-to-be Stoneweg European Reit’s properties in Europe, as well as in all communication materials and channels.
Units of Cromwell E-Reit closed unchanged at €1.59 on Dec 24, prior to the news. THE BUSINESS TIMES
