Cromwell European Reit eyes further growth after acquisition spree

Mr Garing and Mr Weightman say that aside from acquisitions, other growth levers for CEREIT will come from rental income escalations as well as its efforts to boost occupancy levels within its assets.FRESH on the heels of over 400 million euros in acquisitions over the last 12 months, Cromwell European Real Estate Investment Trust sees further room to grow by leveraging on its sponsor's presence in Europe.

Australia-listed Cromwell has been in the European real estate sector for over 15 years, with 20 offices in 12 countries in Europe. Cromwell's stakeholders include ARA Asset Management, which scooped up a near 20 per cent stake in the group for A$405.9 million in March last year. Meanwhile, Cromwell has a 35 per cent stake in CEREIT.

CEREIT, which was listed on the Singapore Exchange in November 2017 at an IPO price of 0.55 euro per unit, announced the acquisitions of 24 properties last year, of which 16 were completed during the course of the year. Seven of the remaining eight deals were sealed early this year - four logistics properties in France and three office properties in Poland - while the eighth property acquisition in France was axed as the manager was not satisfied with the outcome of the due diligence process.

In particular, the Reit's manager sees opportunity in Central Europe, pointing to markets such as Poland, the Czech Republic and Slovakia, given gross domestic product growth as well as the shift of manufacturing services into Central Europe which should enhance demand for assets. Commenting on attractive markets for acquisition, Mr Garing said:"We're underweight where we'd like to be in France and Germany. We see potential opportunities, particularly in France. Paris is the largest office market."

Aside from acquisitions, other growth levers for CEREIT will come from rental income escalations as well as its efforts to boost occupancy levels within its assets.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Europe: ECB upset knocks European stocks[MILAN/LONDON] European shares fell from five-month highs on Thursday after the European Central Bank changed its interest rate guidance and announced a new round of cheap bank loans sooner than expected, though with tougher terms than previous rounds. Read more at The Business Times.
Herkunft: BusinessTimes - 🏆 15. / 51 Weiterlesen »

Grab secures US$1.46b investment from SoftBank Vision Fund; eyes growth in IndonesiaRIDE-HAILING firm Grab has secured US$1.46 billion of fresh funding from the SoftBank Vision Fund, bringing the total investment in its latest financing round to over US$4.5 billion. Read more at The Business Times.
Herkunft: BusinessTimes - 🏆 15. / 51 Weiterlesen »

Stocks to watch: ESR-Reit, Raffles Education, Transcorp HoldingsTHE following companies saw new developments that may affect trading of their shares on Wednesday: Read more at The Business Times.
Herkunft: BusinessTimes - 🏆 15. / 51 Weiterlesen »

Could an airport REIT finance Singapore's massive infrastructure ambitions?Could an airport REIT finance Singapore's massive infrastructure ambitions? | Singapore Business Review
Herkunft: SBRMagazine - 🏆 13. / 51 Weiterlesen »

F-35 acquisition not directed at any particular country: MindefThe acquisition of F-35 fighter jets by the Republic of Singapore Air Force (RSAF) is for Singapore's own defence deterrence and not directed against, or to align itself with, any particular country, said the Ministry of Defence (Mindef).. Read more at straitstimes.com.
Herkunft: The Straits Times - 🏆 8. / 63 Weiterlesen »