Cromwell European REIT


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.


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.