Cromwell EREIT's NPI climbed 6.6% to $93.76m in H1

New office acquisitions boosted growth by $22.74m.

Cromwell European REIT's (CEREIT) net property income (NPI) grew 6.6% YoY to $93.76m (EUR57.72m) in H1 2020, from $87.92m (EUR54.13m) in H1 2019, the company announced. Revenue rose 13.7% to $152.13m (EUR93.66m) over the same period.

The gross revenue for office assets leapt 32.3% YoY to $89.01m (EUR54.8m), whilst NPI jumped 24.5% to $55.23m (EUR34m), thanks to new office acquisitions in Poland contributing $22.74m (EUR14m) in gross revenue during the period.

For light industrial and logistics portfolio, gross revenue declined $50.68m (EUR31.2m), whilst NPI fell 11.4% to $30.54m (EUR18.8m), attributed to the completion of the divestment of Parc d’Osny on October 2019 and the 12 non-core assets in France, the Netherlands and Denmark on March, although this was partially offset by acquisitions in Germany.

Revenue for other property assets, which consist of 3 government-let campuses, 1 retail asset and 1 hotel in Italy, revenue largely held steady whilst NPI slipped 12.3% due to retail closures. The company noted that both the cinema and hotel have now reopened.

CEREIT saw distributable income of $72.44m (EUR44.6m), 0.6% lower YoY. DPU was set at $0.028 (EUR0.0174), with base management fee and property management fee paid in cash.

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