The manager of Cromwell European REIT (CEREIT) has announced the inclusion of CEREIT into the FTSE EPRA Nareit Global Developed Markets Index with effect from Sept 21.
The REIT joins 10 other Singapore REITs (S-REITs) that will be admitted to the FTSE EPRA Nareit Global Real Estate Index Series following its latest quarterly review.
The other S-REITs are AIMS APAC REIT, ARA LOGOS Logistics Trust, Keppel Pacific Oak US REIT, Prime US REIT, OUE Commercial REIT, Lendlease Global Commercial REIT, Starhill Global REIT, SPH REIT, Far East Hospitality Trust and ESR-REIT.
See: AIMS APAC REIT and ARA LOGOS Logistics Trust to join FTSE EPRA Nareit Global Index, OUE Commercial REIT joins FTSE EPRA Nareit Global Developed Index and Keppel Pacific Oak US REIT, ESR-REIT and Prime US REIT to join FTSE EPRA Nareit Global Index
“CEREIT’s inclusion in the widely recognised FTSE EPRA Nareit Global Developed Index is a significant milestone for the manager. I am especially delighted that CEREIT has one of the largest free float market capitalisations of [approximately] GBP1 billion, among the new entrants from the Singapore market,” says Simon Garing, the manager’s CEO.
“We are thankful for the support of our unitholders and investors, our sponsor Cromwell Property Group and our partners. This achievement further increases the appeal of CEREIT to global institutional capital and underpins our current effort to pivot the portfolio towards a 50% weighting to the light industrial / logistics sector,” Garing adds.
CEREIT is already a constituent of more than 370 indices including the S&P Asia Pacific REIT Index, FTSE ST REIT Index, FTSE ST Small Cap Index, MSCI Singapore Investable Market Index, MSCI Singapore All Cap Index, iEdge S-REIT Index and iEdge SG ESG Leaders Index, amongst others.
According to the manager, CEREIT’s 5:1 unit consolidation in May further increased trading liquidity by 76% effectively over the past few months, which also contributed to CEREIT reaching the appropriate liquidity and free float levels for inclusion.
The FTSE EPRA Nareit Global Real Estate Index Series is developed by FTSE Russell together with the European Public Real Estate Association (EPRA) and the National Association of Real Estate Investment Trusts (Nareit). The index series tracks the performance of listed real estate companies and real estate investment trusts worldwide. In
In its quarterly review announcement, FTSE Russell highlighted that the increased number of additions to the index series this quarter is a result of the updated thresholds for developed markets. In June, the investable market capitalisation threshold for Asian stocks within developed markets was lowered to 0.1% of the regional index, down from 0.3% previously.
Units in CEREIT closed at EUR2.52 or $4.05 on Sep 2.
Photo: CEREIT
