Cromwell Property Group has dropped plans for a listing on the Singapore stock exchange of the Cromwell European REIT.
The Australian company had hoped to raise up to £1.3bn from the float, but said that despite receiving significant interest from strategic, institutional and retail investors, given current market conditions, it would not proceed.
Chief executive Paul Weightman said: “Cromwell continues to believe in the quality of the CEREIT portfolio, its investment thesis, and the exposure it provides to improving European real estate fundamentals.”
The company said it will re-assess the situation in conjunction with key stakeholders and strategic partners.
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