Cromwell European REIT's Business Update Amid COVID-19 Outbreak in Europe
Cromwell EREIT Management Pte. Ltd., the manager (the “Manager”) of Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT”), provided an update on CEREIT’s business in Europe amid the COVID-19 outbreak in Italy and other parts of the region on 13 March 2020.
The Manager’s Chief Executive Officer, Mr. Simon Garing, commented, “Like everyone else around the globe, we are closely monitoring the impact of the spread of COVID-19. To date, there has been minimal impact on CEREIT’s income from properties in Italy and wider Europe. Our portfolio is well-diversified across asset classes, geographies, tenant-customers and tenant-customer trade sectors. Together with its high occupancy rate, significant proportion of government tenants and generally long-leased office and light industrial / logistics assets, this provides resilience against any short-term economic shocks.
Other key points:
- CEREIT is benefitting from early resilience planning, as well as risk management measures and protocols implemented by its sponsor Cromwell Property Group, well-ahead of the market
- Cromwell Property Group has made significant investments over the last few years in systems and processes to manage such market disruptions
- Cash, long-weighted debt maturity, low gearing, and undrawn lines underpin CEREIT’s liquidity and security of income
The Manager will continue to provide timely updates to the market as necessary.
Meanwhile, the investor relations team remains available for questions and queries for all investors and Unitholders. Our contact information is below:
Cromwell EREIT Management
Chief Operating Officer and Head of Investor Relations
Telephone: (+65) 6920 7539
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 2012 is adopted as the REIT's benchmark for corporate governance policies and practices.