Cromwell European Real Estate Investment Trust
SGX:CWBU
Cromwell European Real Estate Investment Trust
Cromwell European Real Estate Investment Trust engages in the property investment business. The company employs 220 full-time employees The company went IPO on 2017-11-30. CEREIT’s principal objective is to invest, directly or indirectly, in income-producing commercial real estate assets across Europe with a minimum portfolio weighting of at least 75% to Western Europe and at least 75% to the light industrial / logistics and office sectors. CEREIT’s portfolio comprises approximately 112 properties in the Netherlands, Italy, France, Poland, Germany, Finland, Denmark, the Czech Republic, Slovakia and the United Kingdom with a focus primarily on office and light industrial/logistics sectors. CEREIT’s light industrial/logistics portfolio comprises approximately 68 properties, out of which 18 properties in France, 15 properties in Germany, 11 properties in Denmark, seven properties in the Netherlands, seven properties in the Czech Republic, five properties in Slovakia, three properties in Italy and two properties in the United Kingdom.
Cromwell European Real Estate Investment Trust engages in the property investment business. The company employs 220 full-time employees The company went IPO on 2017-11-30. CEREIT’s principal objective is to invest, directly or indirectly, in income-producing commercial real estate assets across Europe with a minimum portfolio weighting of at least 75% to Western Europe and at least 75% to the light industrial / logistics and office sectors. CEREIT’s portfolio comprises approximately 112 properties in the Netherlands, Italy, France, Poland, Germany, Finland, Denmark, the Czech Republic, Slovakia and the United Kingdom with a focus primarily on office and light industrial/logistics sectors. CEREIT’s light industrial/logistics portfolio comprises approximately 68 properties, out of which 18 properties in France, 15 properties in Germany, 11 properties in Denmark, seven properties in the Netherlands, seven properties in the Czech Republic, five properties in Slovakia, three properties in Italy and two properties in the United Kingdom.
Portfolio Shift: Logistics, light industrial, and data center assets now make up 56% of the portfolio, up from 32% four years ago, reflecting a strategic pivot.
Operational Strength: Strong Q1 with 7.4% like-for-like net property income growth and successful lease renewals at higher rents, delivering the longest WALE in SERT's history.
Debt Management: EUR 500 million green bond issued in January, average all-in interest rate now 4.16%, with a significant portion of debt fixed or hedged.
DPU and NAV: Indicative distribution per unit (DPU) slightly higher QoQ and only 3.7% below last year; NAV at EUR 1.98 per unit.
Unit Buyback: Over 1.5 million units repurchased in the last month, signaling Board confidence during market volatility.
Occupancy: Overall portfolio occupancy dipped to 92% due to specific office moves, but logistics and light industrial occupancy remained robust at 94%.
AEI and Value Creation: Active asset enhancement initiatives (AEI) like the Haagse Poort redevelopment and ongoing pipeline expected to support future growth.
Market Outlook: Management expects stabilizing valuations as interest rates fall, with logistics and industrial assets set to benefit from European onshoring and infrastructure trends.
