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.
|Cromwell REIT EUR||CWBU||SGXC37098255||BL9YQK1|
|Cromwell REIT SGD||CWCU||SGXC37098255||BL9YQM3|
Cromwell European REIT Divests An Office Asset In Finland And Continues Its Pivot To Light Industrial / Logistics Sector With The Acquisition Of A Third UK Logistics Asset
Cromwell EREIT Management Pte. Ltd., the manager (the “Manager”) of Cromwell European Real Estate Inves¬tment Trust (“Cromwell European REIT” or “CEREIT”), is pleased to announce that CEREIT has, through an indirect and wholly-owned subsidiary, completed an acquisition of a freehold logistics asset (“the “Runcorn Asset” or the “Acquisition”) from a third-party vendor in the United Kingdom (the “UK”).
CEREIT has also, through its indirect and wholly-owned subsidiary, Artemis Holdco Oy, completed the divestment of Kiinteistö Oy Opus 1 office asset in Herttoniemi, Helsinki, Finland (the “Opus Asset” or the “Divestment”) to Julius Tallberg-Kiinteistöt Oyj (both the Acquisition and the Divestment collectively, the “Transactions”).
- The UK logistics asset (the “Runcorn Asset”) was acquired at a 5.2% net operating income (“NOI”) yield for £18.9 million (approximately €22.1 million or S$31.8 million), 14.7% below independent valuation and 31.0% discount to replacement cost
- The Runcorn Asset is 100% let on a 10-year triple net lease to a UK national 3PL Kammac Ltd and is situated in a well-established logistics location in Cheshire, close to major cities Liverpool and Manchester, with good connectivity to major motorway networks, two airports and a deep-sea port
- Opus 1 office asset in Finland was divested for €16.2 million (approximately S$23.3 million) to a local investor, 6.4% above 31 December 2021 independent valuation and at a 20% premium to purchase price €13.5 million (approximately S$19.4 million6), effectively reducing CEREIT’s portfolio exposure to Finland by 15% to 3.6% (down from 4.4% as at 31 December 2021)
Our investors are at the forefront of everything we do.
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.