SEE:Cromwell European REIT reports 14.6% lower 2H20 DPU of 1.744 Euro cents; FY20 DPU of 3.484 Euro cents
The issue price equates to a FY2020 yield of 7.74% to 8.10% based on the REIT’s FY2020 distribution per unit (DPU) of 3.484 Euro cents. The manager says it intends to use €34.1 million – or 37.8% of the total gross proceeds without the placement upsize – to partially replenish working capital in connection with the acquisition of an intermodal freehold logistics park in Italy. Another €54.2 million – or 60.2% of the proceeds – will partially fund the acquisition of certain properties located in the Czech Republic and Slovakia, which is expected to occur before March 31. Another €1.8 million – or 2.0% of the proceeds – will pay the estimated fees and expenses to be incurred by the REIT. The balance will be used for general corporate or working capital purposes.