Cromwell European REIT's Runcorn asset in the UK. (Cromwell European REIT)

Cromwell European REIT (CEREIT) reported on 15 January that its portfolio valuation has declined by 1.5% between 30 June and 31 December 2023.

The fall was recorded after CBRE and Savills carried out independent valuations for the REIT’s 110 properties.

This exercise disclosed a total portfolio valuation of EUR2,251.0 million.

Taking into account the capital and development expenditure incurred in the six months ended 31 December 2023, the gross valuation fair value loss was 2.9%, said the REIT.

“Overall, CEREIT’s like-for-like portfolio valuation has only reduced by 3.5% over the past 18 months since the onset of rising interest rates, supported by active leasing/renewals of approximately 33% of the portfolio, longer WALE of 4.7 years and higher rent growth”, said Simon Garing, CEO of the REIT’s manager.

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By Shariffa Al-Habshee

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