Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in August 2021, <strong><a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a></strong> acquired unlisted ARA Asset Management for US$5.2bn. This was discussed in <em><strong><a href="https://skr.ma/fJECF" target="_blank" rel="noopener">ESR Cayman (1821 HK) Takes Out ARA Asset Management</a></strong></em>. </li>
<li>Included in the transaction (completed early-2022) was ARA's ~30.7% stake in office play <strong><a href="https://www.smartkarma.com/entities/cromwell-property-group" target="_blank" data-smartkarma-citation="entities:2780:1" rel="noopener">Cromwell Property (CMW AU)</a></strong>. </li>
<li>ESR has in the past said Cromwell was a non-core holding. With ESR now expected to be privatized by Warburg/Starwood, does this accelerate the narrative?</li>
</ul>


Back in August 2021, ESR Group (1821 HK) acquired unlisted ARA Asset Management for US$5.2bn. This was discussed in ESR Cayman (1821 HK) Takes Out ARA Asset Management. 
Included in the transaction (completed early-2022) was ARA's ~30.7% stake in office play Cromwell Property (CMW AU). 
ESR has in the past said Cromwell was a non-core holding. With ESR now expected to be privatized by Warburg/Starwood, does this accelerate the narrative?


Cromwell Prop (CMW AU): ESR Exit Post-Privatization?

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Cromwell European REIT / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889:1" rel="noopener">Cromwell European REIT (CERT SP)</a> announced a Euro90m private placement earlier this week to plenish working capital following a recently completed acquisition in Italy and to partially fund the acquisition of properties based in the Czech Republic and Slovakia.</p><p>After the completion of this placement, the company should be eligible for inclusion in FTSE EPRA NAREIT Developed Asia Index, which will make the company more accessible for a broader investor base.</p><section class="figure"><section class="figure">The company released a resilient set of results earlier this week with a net property income (NPI) slightly above FY2019, mainly due to the positive impact from acquisitions.</section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure">Despite the pandemic, it announced a DPU only -3% lower than FY2019 with strong positive operating cash flow.</section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section></section><section class="figure"></section><section class="figure">The company demonstrated its resilience during FY2020 with an overall occupancy rate across all its properties of 95.1%  and +2.1% positive rental reversions across all sectors. </section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889:1" rel="noopener">Cromwell European REIT (CERT SP)</a> has transformed its capital management over 2020 with the establishment of a Euro1.5bn euro medium-term note program during the year. It was also given a BBB- Investment Grade rating by Fitch Ratings and succeeded in launching an inaugural  Euro300m 5-year bond issue, followed by a Euro200m tap issue in Janaury 2021. </section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure">2020 was a year of two halves for <a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889:1" rel="noopener">Cromwell European REIT (CERT SP)</a> with 1H2020 all about cash preservation and prudent provisioning, 2H2020 saw a gradual return to normal operations, with a significant resumption of transactions, an improved customer retention rate.</section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889:1" rel="noopener">Cromwell European REIT (CERT SP)</a> looks attractive from a yield perspective but there is also scope for further upside to the value of its portfolio. Inflows from an index inclusion should provide strong support for the share price and potentially a higher premium on valuation. </section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"><p></p></section>

Cromwell European REIT (CERT SP) announced a Euro90m private placement earlier this week to plenish working capital following a recently completed acquisition in Italy and to partially fund the acquisition of properties based in the Czech Republic and Slovakia.After the completion of this placement, the company should be eligible for inclusion in FTSE EPRA NAREIT Developed Asia Index, which will make the company more accessible for a broader investor base.The company released a resilient set of results earlier this week with a net property income (NPI) slightly above FY2019, mainly due to the positive impact from acquisitions.Despite the pandemic, it announced a DPU only -3% lower than FY2019 with strong positive operating cash flow.The company demonstrated its resilience during FY2020 with an overall occupancy rate across all its properties of 95.1%  and +2.1% positive rental reversions across all sectors. Cromwell European REIT (CERT SP) has transformed its capital management over 2020 with the establishment of a Euro1.5bn euro medium-term note program during the year. It was also given a BBB- Investment Grade rating by Fitch Ratings and succeeded in launching an inaugural  Euro300m 5-year bond issue, followed by a Euro200m tap issue in Janaury 2021. 2020 was a year of two halves for Cromwell European REIT (CERT SP) with 1H2020 all about cash preservation and prudent provisioning, 2H2020 saw a gradual return to normal operations, with a significant resumption of transactions, an improved customer retention rate.Cromwell European REIT (CERT SP) looks attractive from a yield perspective but there is also scope for further upside to the value of its portfolio. Inflows from an index inclusion should provide strong support for the share price and potentially a higher premium on valuation. 

Cromwell European REIT (CERT SP) - Opportunity Knocks?

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Cromwell European REIT / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889:1" rel="noopener">Cromwell European REIT (CERT SP)</a> is looking to raise about EUR94m via a private placement to acquire properties.</p><p>In this insight, we will look at the transaction and the impact on financials and share our thoughts on the deal and score the deal in our ECM framework. </p><p>We have previously covered the 2019 placement and IPO in:</p><ul>
<li>
<a href="https://www.smartkarma.com/insights/cromwell-reit-placement-dpu-accretive-at-the-cost-of-increasing-em-exposure" target="_blank" data-smartkarma-citation="insights:30571" rel="noopener">Cromwell REIT Placement: DPU Accretive at the Cost of Increasing EM Exposure</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cromwell-ereit-ipo-third-time-downsized-what-s-new" target="_blank" data-smartkarma-citation="insights:15425" rel="noopener">Cromwell EREIT IPO: Third Time Downsized, What's New?</a> </li>
<li><a href="https://www.smartkarma.com/insights/cromwell-ereit-ipo-downsized-to-save-the-day-but-valuation-remains-unappealing" target="_blank" data-smartkarma-citation="insights:13632" rel="noopener">Cromwell EREIT IPO: Downsized to Save the Day but Valuation Remains Unappealing</a></li>
</ul>

Cromwell European REIT (CERT SP) is looking to raise about EUR94m via a private placement to acquire properties.In this insight, we will look at the transaction and the impact on financials and share our thoughts on the deal and score the deal in our ECM framework. We have previously covered the 2019 placement and IPO in:

Cromwell REIT Placement: DPU Accretive at the Cost of Increasing EM Exposure 

Cromwell EREIT IPO: Third Time Downsized, What's New? 
Cromwell EREIT IPO: Downsized to Save the Day but Valuation Remains Unappealing


Cromwell REIT Placement - Acquisition Was Announced Well Ahead and Placement Likely Expected

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>In our first Smartkarma Corporate Webinar for this year, we welcome <a href="https://www.smartkarma.com/profiles/simon-garing" target="_blank" rel="noopener">Simon Garing</a>, CEO and Executive Director at <a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889:1" rel="noopener">Cromwell European Reit (CERT SP)</a>, who will share a short presentation on key aspects of the company and have a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>. This will be followed by a live Q&amp;A session.</p>
<h3>This Corporate Webinar will be hosted on Tuesday, 12/January/2021, 5:00PM SGT/HKT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=84155705817" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p>Every week, Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with Corporate IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>
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In our first Smartkarma Corporate Webinar for this year, we welcome Simon Garing, CEO and Executive Director at Cromwell European Reit (CERT SP), who will share a short presentation on key aspects of the company and have a fireside chat with Smartkarma Insight Provider, Angus Mackintosh. This will be followed by a live Q&amp;A session.
This Corporate Webinar will be hosted on Tuesday, 12/January/2021, 5:00PM SGT/HKT.



Register for the Webinar here




Every week, Corporate Webinars by Smartkarma Corporate Solutions feature discussions with Corporate IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.


Smartkarma Corporate Webinar | Cromwell E-REIT: Active Transactions in the Time of Covid

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<p>In my previous insights on Singapore REITs I have spoken about a number of different sectors, however, I haven't spoken about the overseas focussed REITs, so far.</p>
<p>In this insight, I'll take a closer look at some of the Singapore listed EU/US focussed REITs.</p>
<p>Links to my previous REITs insights:</p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/singapore-reits-what-s-been-cooking-this-year" target="_blank" rel="noopener">Singapore REITs - What’s Been Cooking This Year,</a> I spoke about how the REITs have performed this year and touched upon some of the factors that have been driving them. </li>
<li>
<a href="https://www.smartkarma.com/insights/trade-ideas-for-sgreits-retail-reits-share-price-has-been-more-resilient-than-it-should-be" target="_blank" rel="noopener">Trade Ideas for SGREITs - Retail REITs Share Price Has Been More Resilient than It Should Be,</a> I spoke about the factors that have been impacting retail REITs. </li>
<li>
<a href="https://www.smartkarma.com/insights/trade-ideas-sg-office-reits-this-time-it-s-different" target="_blank" rel="noopener">Trade Ideas SG Office REITs - This Time It’s Different</a> I spoke about how the office REITs might fare better.</li>
<li>
<a href="https://www.smartkarma.com/insights/trade-ideas-sg-industrial-reits-bigger-names-have-been-holding-up-a-little-too-well" target="_blank" rel="noopener">Trade Ideas SG Industrial REITs - Bigger Names Have Been Holding up a Little Too Well </a> I spoke about the industrial REITs</li>
<li>
<a href="https://www.smartkarma.com/insights/singapore-reits-get-out-of-jail-free-card-for-the-tenants" target="_blank" rel="noopener">Singapore REITs - Get Out of Jail Free Card, for the Tenants</a> I spoke about how the recent changes announced by the government would benefit the smaller tenants more than the landlords.</li>
</ul>

In my previous insights on Singapore REITs I have spoken about a number of different sectors, however, I haven't spoken about the overseas focussed REITs, so far.
In this insight, I'll take a closer look at some of the Singapore listed EU/US focussed REITs.
Links to my previous REITs insights:


Singapore REITs - What’s Been Cooking This Year, I spoke about how the REITs have performed this year and touched upon some of the factors that have been driving them. 

Trade Ideas for SGREITs - Retail REITs Share Price Has Been More Resilient than It Should Be, I spoke about the factors that have been impacting retail REITs. 

Trade Ideas SG Office REITs - This Time It’s Different I spoke about how the office REITs might fare better.

Trade Ideas SG Industrial REITs - Bigger Names Have Been Holding up a Little Too Well  I spoke about the industrial REITs

Singapore REITs - Get Out of Jail Free Card, for the Tenants I spoke about how the recent changes announced by the government would benefit the smaller tenants more than the landlords.


Trade Ideas SG EU/US Focus REITs - The Orphaned Lot Is Starting to Look Interesting

Singapore

Cromwell Real Estate Investment Trust is a real estate investment trust with a commercial portfolio of offices and light industrial /  logistics assets across Europe.

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Cromwell European REIT (CERT SP)

Cromwell Prop (CMW AU): ESR Exit Post-Privatization?

ESR has in the past said Cromwell was a non-core holding. With ESR now expected to be privatized by Warburg/Starwood, does this accelerate the...

David Blennerhassett