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.

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