Cromwell European REIT - DBS Research 2023-08-15: Recycling Capital Into Higher-Yielding Developments

Cromwell European REIT - Recycling Capital Into Higher-Yielding Developments

Cromwell REIT (SGX:CWBU) | SGinvestors.ioCromwell REIT (SGX:CWBU)
  • Cromwell European REIT (SGX:CWBU)'s revenues and NPI were 0.9% and 1.8% higher y-o-y, mainly to better performances in the light industrial/logistics (L/L) portfolio. This was partially offset by weaker performance for the office portfolio along with the ongoing redevelopment of Nervesa 21 and Maxima (both in Italy).
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  • Cromwell REIT acquired five L/L assets in Italy, Germany, and the UK in FY22, while Piazza Affari 2 was divested for EUR 93.6m on 28 June 2023, with the proceeds mainly be used to repay loans.
  • Cromwell REIT's 1H23 DPU of EUR0.0779 was 10.4% lower y-o-y, accounting for ~45.6% of our FY23 DPU projections. Decline in DPU was mainly due to the absence of income from redevelopment (Maxima) as well as higher financing costs. On a h-o-h basis, DPU was ~8.3% lower. This was also a result of the lack of capital gains distribution in 1H23.
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Gearing inched up to 41.5%; but will improve to 39.5%

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Dale LAI DBS Group Research | Derek TAN DBS Research | 2023-08-15

Previous report by DBS:
2023-02-27 Cromwell European REIT - Resilience Underpinned By Organic Income Growth.

Price targets by other brokers at Cromwell REIT Target Prices.

Listing of research reports at Cromwell REIT Analyst Reports.

Relevant links:
Cromwell REIT Share Price History,
Cromwell REIT Announcements,
Cromwell REIT Dividends & Corporate Actions,
Cromwell REIT News Articles


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