SINGAPORE (May 12): The manager of Cromwell European REIT (CEREIT) is declaring a distribution per unit (DPU) of 0.91 Euro cents (1.39 Singapore cents) for 1Q2020 ended March, with base management and property management fees paid fully in cash.
Income available for distribution amounted to €25.8 million, up 15.3% y-o-y.
CEREIT was not particularly affected by the Covid-19 containment measures in Europe. While the lockdown of northern Italy impacted a number of CEREIT’s tenants, in particular the Starhotels Grand Milan in Saronno and the UCI cinema-anchored property in Lissone (near Milan), CEREIT’s gross revenue and net property income (NPI) rose 21.4% and 17.2% y-o-y to €48.5 million and €31.0 million respectively. The increases are largely contributed by the 14 new properties acquired over the past year, and partially offset by the 13 properties that were divested between October 2019 and March 2020.