- Cromwell European REIT (SGX:CWBU) is a fast-growing pan-European S-REIT with a diversified portfolio of office, industrial, and logistics assets valued at ~EUR2.2bn. The REIT has been an active asset recycler, driving portfolio yields and optimising returns to unitholders.
Excluding divestments, 1H24 NPI would have been higher by 2.3% y-o-y
- - Read this at SGinvestors.io -
- A further three properties were divested in March and April 2024 - ~EUR23.1mil in divestments in Poland, Finland, and Italy. Excluding divestments, NPI would have been 2.3% higher y-o-y. On a q-o-q basis, NPI was 14bps higher.
1H24 DPU of 7.05 EUR cents made up 47% of our full-year estimate
- - Read this at SGinvestors.io -
- Interest expense was 14.1% higher y-o-y as a result of an increase in average financing costs from ~2.6% to ~3.2%. Higher financing costs led to a ~0.495 EUR cents decline in DPU y-o-y.
Portfolio occupancy rate inched up marginally to 93.6%, with sustained healthy positive rental reversions of +5.2%
- Read more at SGinvestors.io.
