Cromwell European REIT property in Amsterdam, De Ruijterkade 5 (Photo: Google Maps)

Cromwell European REIT has reported a distribution per unit (DPU) of 2.53 Euro cents for the period spanning 30 November 2017 to 30 June 2018, beating forecast made during its initial public offering (IPO) by 3.0%.

Accordingly, the REIT’s gross revenue of EUR72.8 million (USD83 million) during the period exceeded expectations by 2.2%, while net property income (NPI) came in at EUR47.7 million, 3.1% higher than projected.

Cromwell European REIT has attributed this primarily to higher income generated from its light industrial portfolio, which exceeded the IPO forecast by EUR1.5 million.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.