Cromwell European REIT’s portfolio valuations slip in H1
It experienced a slight decline of 1.6% or €36.1m (S$54.4m) versus 31 December 2022.
Cromwell European Real Estate Investment Trust (CEREIT) announced valuations as of 30 June and experienced a slight decline of 1.6% or €36.1m (S$54.4m) when compared to the valuations as of 31 December 2022.
This decrease considers the benefit of valuation increases on properties under development in Italy and the Czech Republic but does not account for capital expenditure.
Its valuations have resulted in a total portfolio value of €2.3b (S$3.4b).
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CBRE and Savills Advisory Services have conducted independent valuations for 111 properties in CEREIT's portfolio as of 30 June 2023.
“It is pleasing to note that CEREIT’s June 2023 portfolio valuations only declined by a modest 1.6% as compared to December 2022 levels. Taking into account the recent sale of Piazza Affari, Italy, we now expect to report CEREIT’s net gearing at around 38.2% as at 30 June, well inside loan covenants. NAV per unit is expected to be €2.30 (S$3.40), which is 32% above CEREIT’s most recent €1.57 (S$2.32) unit price,” Simon Garing, CEO of the CEREIT said.
(€1.00 = S$1.48)