Cromwell E-Reit issues 1.3m new units under distribution reinvestment plan

CROMWELL European Reit issued some 1.3 million new units at an issue price of 2.2409 euros per unit last Thursday (Mar 31), bringing up the number of issued units to 562.4 million.

Announcing this in a bourse filing on Monday (Apr 4), the real estate investment trust's (Reit) manager said the new units were issued under a distribution reinvestment plan in respect of its distribution of 0.08459 euro per unit for the second half of last year.

A distribution reinvestment plan is a programme that lets investors reinvest their cash dividends into additional shares or fractional shares of the stock on the dividend payment date.

The new units rank pari passu in all respects with the existing units, the Reit manager added.

Units of Cromwell European Reit closed down 1.3 per cent or 0.03 euro at 2.28 euros on Monday.