Cromwell Reit sees logistics rents up 22% in Q1

Singapore

THE manager of Cromwell European Reit achieved a 12.1 per cent average rent reversion rate in the first quarter of the year, led by leases for its industrial and logistics space. This positive performance was driven by e-commerce and global supply constraints given the difficulty of transporting goods across borders, it said on Tuesday.

In fact, the Reit is still seeing "significant rent reversions" in April and May, mostly from logistics, which will be disclosed in next quarter's earnings report.