Investor Relations

CEREIT New Stock Code

Cromwell European REIT Units' various stock codes have been changed with effect from 11 May 2021, following the completion of the 5:1 unit consolidation. Please refer to the table below for the updated information.

Trading Code ISIN SEDOL
Cromwell REIT EUR CWBU SGXC37098255 BL9YQK1
Cromwell REIT SGD CWCU SGXC37098255 BL9YQM3

 

Cromwell European REIT Achieves 7.1% Growth in 1Q 2022 Distributable Income on Strength of Light Industrial / Logistics Portfolio

Cromwell EREIT Management Pte. Ltd., the manager (the “Manager”) of Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT”), today announced CEREIT’s operational update for the first quarter ended 31 March 2022 (“1Q 2022”).

  • Overall portfolio occupancy stable at 94.8%, with 4.2% positive rent reversion (+5.8% light industrial / logistics and +1.6% office rent reversion)
  • Record light industrial / logistics portfolio occupancy of 96.2%, driven by robust European market fundamentals, validating strategic pivot to logistics and mitigating softening office demand
  • 5.4% year-on-year increase in 1Q 2022 NPI from new acquisitions and higher CPI; 4.4% decrease on a like-for-like basis due to a 2.1% reduction in office occupancy to 89.8% over the quarter
  • 38.6% aggregate leverage, low all-in interest cost of ~1.72% and debt 100% hedged / fixed
  • Well-advanced plans to recycle capital through divesting non-core office and sub-€10-million light industrial / logistics assets
1Q 2022 1Q 2021 Variance
Gross Revenue (€’000) 52,569 48,450 8.5%
Net Property Income (€’000) 32,487 30,836 5.4%
Income Available for Distribution to Unitholders (€’000) 23,298 21,744 7.1%

 

The Manager’s Chief Executive Officer, Mr. Simon Garing, commented, “We are pleased to report a record-high occupancy of 96.2% in CEREIT’s light industrial / logistics portfolio and a high rent reversion of 5.8%. The momentum in this sector has continued in the second quarter. The Manager recently announced 25,600 sqm of new leases in the Czech Republic and the commencement of CEREIT’s first greenfield logistics development. Considering long-term structural trends such as the growth of e-commerce, the adoption of ‘just-in-case’ inventory management and on-shoring strategies, as well as the relatively slower recovery of the office market, we will continue to execute CEREIT’s strategy to pivot towards a majority portfolio weighting to the light industrial / logistics segment.

“However, in light of the recent rise in interest rates, the ongoing Russian invasion of Ukraine and heightened market volatility, we will adopt a more cautious approach in the short term. CEREIT’s selective acquisition strategy will be complemented by active capital recycling of non-core office and sub-€10-million older warehouses. CEREIT’s major office exposure is to the core Dutch and Milan markets which are performing well, even as the smaller Polish and Finnish office markets continue to underperform. In all, the balance sheet remains in good shape while the on-the-ground Cromwell teams continue to actively manage the portfolio, which remains resilient to these current short-term headwinds.”

Click here for media release

Click here for 1Q 2022 Business Update Presentation

 

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The Manager is committed to ensuring that CEREIT meets expectations of good corporate governance and sustainable business practices while seeking to achieve superior investor performance over the medium and long term.

The Board and the Manager are both proactive with respect to corporate governance and actively review developments to determine which corporate governance arrangements are appropriate for CEREIT and its investors.

The Code of Corporate Governance 2018 is adopted as the REIT's benchmark for corporate governance policies and practices.