Cromwell European REIT's first acquisition in the UK. (Cromwell European REIT)

Data from Cromwell European REIT’s latest results have been updated into the Singapore REITs table.

Cromwell European REIT reported on 13 August that its net property income (NPI) for 1H 2021 rose by 11.4% year-on-year to EUR64.3 million.

The uplift was mainly due to higher revenue from newly-acquired assets in Italy, the Czech Republic and Slovakia and the absence of doubtful debt provisions in 1H 2021.

Income available for distribution to unitholders for the periods was EUR46.2 million, 3.6% higher than the EUR44.6 million recorded in 1H 2020.

Cash collection rate remained high at about 96% since February 2020, with no material rent abatements agreed in 1H 2021, said the REIT.

However, DPU for 1H 2021 was 8.502 Euro cents, 2.5% lower than the prior corresponding period.

This was due to the gap between the recent private placement and the completion of acquisitions, higher interest costs, and zero distribution of capital gains in 1H 2021, said the REIT.

The REIT's full disclosure on its results can be viewed here.

Cromwell European REIT was last done on the Singapore Exchange at SGD2.51, which currently implies a distribution yield of 6.77% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.