Cromwell E-Reit's H1 results largely unaffected by Covid-19

Published Mon, Aug 17, 2020 · 09:50 PM

Singapore

CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) on Friday posted a resilient set of financial results for the first half ended June 30, despite widespread lockdowns across Europe during the second quarter as a result of the novel coronavirus outbreak.

Gross revenue increased 13.7 per cent year on year to 93.7 million euros (S$152.2 million) and net property income rose 6.6 per cent on the year to 57.7 million euros. This was largely attributed to contributions from properties acquired over the course of the past year, said the Reit.

Distribution per unit (DPU) fell 14.7 per cent from 2.04 euro cents to 1.74 euro cents.

But excluding the provision for Covid-19-related doubtful debts of three million euros and distribution of 2.8 million euros in divestment gains, which are considered one-off, DPU would…