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Allen & Overy assists CEREIT in debt restructuring



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Allen & Overy assists CEREIT in debt restructuring (Photo : Allen & Overy)

Allen & Overy has advised Cromwell European REIT (CEREIT), a diversified Pan-European Real Estate Investment Trust listed on the main board of the Singapore Exchange, on successfully raising and conducting a EUR625 million debt restructure.

Allen & Overy has advised Cromwell European REIT (CEREIT), a diversified Pan-European Real Estate Investment Trust listed on the main board of the Singapore Exchange, on successfully raising and conducting a EUR625 million debt restructure. As a result, CEREIT now has a weighted average term of debt extended to 3.6 years whilst maintaining its cost of funding at approximately 1.50%.

A&O lead partner Frank Mausen commented: “We are proud that our unrivalled experience and international network enabled us to efficiently assist Cromwell Property Group and CEREIT.”

Gwendal Kalkofen, Head of Real Estate Finance at Cromwell, in a press release issued by Cromwell Property Group, said: “It is great to have been instrumental in the successful raise of €625 million in unsecured debt in support of CEREIT’s transformational capital initiative. This pan-global debt restructure required strong global banking relationships across multiple jurisdictions and time zones.”

In a media release for the 3Q 2019 CEREIT results announcement CEO Simon Garing said: “We have transformed CEREIT’s debt structure, providing us further opportunities to capitalise on accretive growth opportunities.

The Allen & Overy Team comprised Partner Frank Mausen, Associates Simeon-Henri de Vries and Alexis Poisson in Luxembourg and Partner Walter Uebelhoer and Associate Jörg Weber in Munich.

For further information, please contact Alina Golovkova, alina.golovkova@allenovery.com , on +352 44 44 55 234.

www.allenovery.com