Cromwell European REIT

Hi,

Could you guys tell me, is it better to get SGX:CNNU which is in EUR or SGX:CSFU which is in SGD, I see that CNNU is more liquid but on DBS Vickers the fees seem to be higher then CSFU.

I recently took a small nibble at SGX:CSFU.

Interestingly you can buy SGX:CNNU using SGD and sell them as SGX:CSFU getting EUR, or the other way around, although I haven’t tried this.

If you have an EUR account, then IMO it is better to stay in that currency due to the higher liquidity.

I don’t and the large buy/sell EUR/SGD spread of (today OCBC) 1.5440 and 1.5080 makes it unattractive. And each time the distributions are dispersed I would get hit for the forex spread.

If DBS are charging more for the EUR counter, then that makes it even more unattractive. I have assumed OCBC would just take the normal SGD 25 minimum or a percentage.

I did ask the REIT manager about the higher liquidity in the EUR counter, they offered no explanation other than “it is the market preference”. Fair enough.

Hope that helps.

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Just bought the SGD version today to save on the conversion rates and a lot of headaches of conversion moving forward. Hope it tracks the main one with not much of a tracking error.

I too bought the SGD version as it is cheaper. When there is a dual currency listing, just take the one that is cheaper. Bought at 77.5 and 72.5.

Additionally, the comms are in SGD and not EUR.

EUR/SGD price differences will be very quickly eliminated by traders collecting on the arbitrage.

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I bought the SGD version. If we wait enough we can get at good price.