Bonds and Euro Medium Term Note Programme

Cromwell European REIT’s €200 Million Tap Bond Issue Listed on 27 January 2021

  • New EUR 200,000,0000 tap issue (the “Notes”) of existing Senior Unsecured Notes due 2025
  • Notes priced at MS+205 bps spread to mid-swap yield, tighter than initial guidance of MS+215/220bp and higher than last Notes price close
  • Strong demand from global credit investors with book over three times covered at peak

SINGAPORE – The new EUR 200,000,000 tap issue (the “Notes”) of the existing EUR 300,000,000 Senior Unsecured Notes due 2025 issued by Cromwell EREIT Management Pte. Ltd. (the “Manager”), as manager of Cromwell European Real Estate Investment Trust (“CEREIT”), have been listed on 27 January 2021. The Notes were priced a at a cash price of EUR 102.41 per cent (reoffer yield of 1.60 per cent). The Notes were issued under the EUR1,500,000,000 Euro Medium Term Note Programme (the “EMTN Programme”) established on 19 October 2020.

The tap Notes issuance continues a series of successful capital management initiatives that started in 2019 and has resulted in a lengthening of CEREIT’s debt expiry profile from 3.8 years to 4.5 years. CEREIT now has no debt expiries in 2021 and has achieved a significant reduction in our 2022 expiring debt stack that has no prepayment penalties.

The Notes have been rated “BBB-” by Fitch Ratings, which earlier assigned CEREIT a Long-Term Issuer Default Rating (“IDR”) of “BBB- with stable outlook”. The IDR is underpinned by CEREIT’s high-quality tenant-customer base and geographically diverse portfolio of office and logistics / industrial properties, which Fitch Ratings expect will reflect steady operating metrics and provide cash flow over the medium term despite the ongoing pandemic-induced economic downturn.

ING Bank N.V., Singapore Branch and Morgan Stanley & Co are Joint Global Coordinators for the Notes. Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Singapore Branch, Morgan Stanley & Co. International plc and Standard Chartered Bank (Singapore) Limited are Joint Lead Managers for the Notes. Intesa Sanpaolo S.p.A. is a Passive Bookrunner for the Notes.

Full pricing announcement can be found here:


Cromwell EREIT Lux Finco S.à r.l. (Country: LU)


Cromwell EREIT Lux 2 S.à r.l. & Perpetual (Asia) Limited
(in its capacity as trustee to Cromwell European REIT)

Issuer Rating

BBB- (Stable) by Fitch


Senior, Unsecured


Reg S Bearer, NGN

Currency / Size

EUR 300 million
Tap EUR 200 million


5 years (19 Nov 2025)


2.125% Fixed, Annual, Act/Act (ICMA)

Step Up Provision

125bps upon downgrade to sub-IG


EUR 300 million ISIN Code XS2258986269
Tap EUR 200 million ISIN Code XS2289870938 (temporary)




Luxembourg (EuroMTF) and Singapore (SGX-ST)

SGX Trading Counter Name


LuxSE Trading Counter Name