Cromwell European REIT's Greenfield development.

Fitch Ratings has affirmed Cromwell European REIT’s (CEREIT) long-term issuer default rating (IDR) at 'BBB-' with a stable outlook.

Fitch has also affirmed the 'BBB-' senior unsecured rating on the REIT’s EUR1.5 billion medium-term note programme and EUR500 million outstanding unsecured notes.

CEREIT's long-term IDR reflects its geographically diversified portfolio of light industrial and logistics assets, alongside its core office assets, which generate inflation-indexed rents and positive rental reversion, said Fitch.

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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.