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

Cromwell European REIT (CEREIT) has reported distribution per unit (DPU) of 3.61 Euro cents for the reporting period spanning 30 November 2017 to 30 September 2018, beating forecast made during its initial public offering (IPO) by 1.9%.

The REIT’s gross revenue amounting came in at EUR104.3 million (USD117 million), which is 2.0% above the IPO forecast, while net property income (NPI) came in at EUR69.3 million, 4.3% higher than projected.

CEREIT has attributed its results mainly to the strong performance of its pan-European light industrial portfolio which generated EUR2.5 million more in NPI than forecast, on the back of better-than-projected leasing outcomes in France and the Netherlands.

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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.