Koningskade 30, a property of Cromwell European REIT. (Photo: Cromwell European REIT)

Cromwell European REIT is poised to emerge from a ‘hibernation’ in 2H 2020 given its relatively low gearing, and progress on a proposed Euro-based medium term note (MTN) programme.

These comments were made by CEO of the REIT’s manager, Simon Garing, in a conference call on 17 August to address its 1H 2020 results.

On 14 August, the REIT reported a distribution per unit (DPU) of 1.74 Euro cents for the period, a fall of 14.7% from the corresponding half of 2019.

Related: Cromwell European REIT posts fall in 1H DPU despite income ‘top-up’

Interest misalignment?

The REIT also disclosed that it will be switching its payment mode for its manager's fees to 100% cash, instead of a mix of cash and units as per what was done previously.

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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.