Data from Cromwell European REIT’s latest disclosure is in the Singapore REITs table.

Buoyed by new income from recent acquisitions, Cromwell European REIT (CEREIT) is looking ahead to undertake its first-ever greenfield development in 2022.

The pan-European REIT reported on 23 February that its net property income (NPI) for FY2021 has risen by 10.9% year-on-year to EUR130.1 million.

This was mainly due to higher revenue from the new acquisitions in the Czech Republic, Slovakia, the United Kingdom, Italy and the Netherlands, and in addition to the absence of doubtful debt provisions in FY2021 as compared to FY2020.

FY2021 DPU declined 2.6% to 16.961 Euro cents, from 17.420 Euro cents in FY 2020.

However, on a like- for-like basis, FY2021 DPU increased by 0.5% to 16.961 Euro cents, after accounting for the EUR2.8 million distribution of realised capital gains, which translated into 0.55 Euro cents per unit in the first half of FY2020.

In terms of greenfield developments, the REIT is commencing on a two-phase development of logistics warehouses on a 39,380 square metre plot of land in CEREIT’s Nove Mesto ONE Industrial Park I in Slovakia,

This is subject to final regulatory approvals and pre-lease commitments.

Construction is expected to commence in mid-2022 for the first phase, involving about 10,695 square metres in warehouse, mezzanine and office space, and early 2023 for the second phase.

The REIT’s manager is also planning further logistics development projects to complement CEREIT’s acquisition strategy for that sector, while some of the older office buildings in Rome and Amsterdam are in the planning phase for similar returning projects as 21 Via Nervesa in Milan, it added.

CEREIT was last done on the Singapore Exchange at EUR2.36, which presently implies a distribution yield of 7.19% according to data on the Singapore REITs table.