The true property funding belief attributed its secure earnings to its growth into 4 European nations.
Cromwell European REIT (CEREIT) reported a internet property earnings of €30.8m for the primary quarter of 2021, a mere 0.4% lower from the identical interval final 12 months, when the Eurozone economic system was not but affected by the COVID-19 pandemic.
In a bourse disclosure, the REIT attributed this secure yield to current expansions to India, Germany, the Czech Republic and Slovakia. This offset the losses from the disposal of 12 high-risk belongings within the Netherlands, France and Denmark.
“We are pleased that our efforts havesignificantly reduced CEREIT’s exposure to any single country and tenant-customer, thus mitigating to a certain extent the expected impact on income from the legislated 15% rent reduction at some of our Italian assets, coming into effect gradually from this year,” mentioned CEREIT chief govt Simon Garing.
As of finish March, 94.6% of its portfolio is occupied, a mere 0.1% lower from the identical interval final 12 months.
Garing mentioned CEREIT’s groups are well-positioned to handle the dangers caused by the continued pandemic.
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