, Singapore

Cromwell European REIT net property down by just 0.4%

The real estate investment trust attributed its stable income to its expansion into four European countries.

Cromwell European REIT (CEREIT) reported a net property income of €30.8m for the first quarter of 2021, a mere 0.4% decrease from the same period last year, when the Eurozone economy was not yet affected by the COVID-19 pandemic.

In a bourse disclosure, the REIT attributed this stable yield to recent expansions to India, Germany, the Czech Republic and Slovakia. This offset the losses from the disposal of 12 high-risk assets in the Netherlands, France and Denmark.

"We are pleased that our efforts havesignificantly reduced CEREIT’s exposure to any single country and tenant-customer, thus mitigating to a certain extent the expected impact on income from the legislated 15% rent reduction at some of our Italian assets, coming into effect gradually from this year," said CEREIT chief executive Simon Garing.

As of end March, 94.6% of its portfolio is occupied, a mere 0.1% decrease from the same period last year.

Garing said CEREIT's teams are well-positioned to manage the risks brought about by the ongoing pandemic.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Singapore Business Review in your inbox
It will apply to vaccines administered in Singapore under SAR.
Its startups may now receive up to US$250,000 investment.
The Lion City also has the highest insurance penetration amongst the six markets at 5.9%.
The bank will anchor up to US$200m or 40% of the fund size, whichever is lower.
A wholly-owned subsidiary of WeWork is occupying 56,977 sq ft of Prime’s California property.
The jobless rate during the quarter also eased, but remained elevated.
The notes are expected to be issued on June 23rd.
Its IP coverage for vaccine complications now include those approved by WHO under EUL.
The Lion City ranks 13th most expensive location for expatriates in the world.
Due to construction delays, buyers may prefer "ready-to-move-in" properties.
Wilmar International saw the sharpest decline during Thursday's trading, with a 1.52% drop.
Its skilled talent pool, logistical network, government funding and physical infrastructure helped it maintain its competitive position as a biomedical hub.
Singapore millennials were found to be more stressed than the global average.
Almost four-fifths (76%) of Singaporean consumers are not satisfied with generic credit offers from their banks, with 24% willing to offer more information in exchange for better rates or lower fees, a FICO study revealed.