Cromwell European REIT (CERT) was listed on the SGX in November 2017. Its portfolio comprises 115 predominantly freehold properties with an appraised value of approximately €2.5bn as of April 2022. Its assets are located in or near major gateway cities in the Netherlands, Italy, France, Poland, Germany, Finland, Denmark, Slovakia, the Czech Republic and the United Kingdom with an aggregate lettable area of c.1.8mn sqm and more than 800 tenant-customers. The portfolio consists predominantly of office and light industrial/logistics assets which make up c.52% and c.43% of total assets respectively.
No stock rating or price target provided, as we do not have coverage on CERT.
We visited 12 assets in three of CERT’s key markets, namely the Netherlands, France, and Italy, which account for 62% of CERT’s the portfolio. We met with the local asset managers and independent property consultants to gain deeper understanding of CERT’s top three key markets.
Figure 1: Portfolio breakdown by country and asset type
Other property assets consist of 3 government-let campuses, 1 retail asset and 1 hotel, all located in Italy.