Basic Profile & Key Statistics

Cromwell Europen REIT (CEREIT) is a diversified REIT that invests mainly in office, industrial and logistics sectors. CEREIT owns 95 properties across 7 countries in Europe.
Performance Review

For QoQ, CEREIT performance has improved; as for YoY, gross revenue and NPI has also increased by 5.3% and 7.5% respectively. However, distributable income and DPU decreased YoY by 12.5% and 12.7% respectively.

Acquisition of logistics property in Germany has completed in August, though it wouldn’t move the needle much.

Lease Profile

Occupancy is moderate at 94.3%. WALE is long at 5 years where the highest lease expiry of 64.8% falls in 2024 and beyond, without breakdown. Weighted average land lease expiry is long at 93.85 years.

Debt Profile

Gearing ratio is slightly high at 38.8%. Cost of debt is low at 1.5% with a moderate level of unsecured debt at 73.2%. Fixed debt rate % is high at 94.2%. Interest cover ratio is high at 6.8 times. WADE is short at 2.6 years where the highest debt maturity of 43% falls in 2022.