Cromwell European REIT’s indicative DPU for 1QFY2024 down 10.2% y-o-y at 3.505 Euro cents
The Edge • 13 days ago
CWBU.SI : Singapore Exchange
1.510
0.00%
Share Price in EUR. As of 17:04:56 SGT
Revenue: SGD 53.28M
Decreased 3% Year-on-Year
Net Property Income (NPI): SGD 32.73M
Decreased 3% Year-on-Year
primarily due to divestments (Bari Europa, Bari Trieste and Piazza Affari), which impacted NPI by €2.3 million compared to pcp
Portfolio Occupancy: 93.4%
Rental Reversion: 9.2%
Distribution Per Unit (DPU): SGD 0.04
Decreased 10% Year-on-Year
mainly due to the higher finance costs as we transition to a world of higher interest rates
Leverage/Gearing: 41%
European real estate sector supply/demand fundamentals support continued NPI growth, which we expect will partly offset the transition to higher borrowing costs. Flash PMI data released by Oxford Economics has shown signs that the eurozone economy is stabilising, as the PMI composite index improved to 51.4 to reach an 11-month high, while March CPI print of 2.4% supports the bond market pricing for ECB rate cuts later this year. The latest Colliers analysis highlights that capital values in logistics increased slightly in 1Q 2024 across most of CEREIT's markets, with office valuations already significantly adjusted, while CBRE forecasts a pick up in real estate transaction volumes as sentiment turns more positive.
Sources: Cromwell European REIT Financial Report
Price Target: €1.960
Source: SGX as of 12 May 2024
CWBU.SI | Market
| |
---|---|---|
1 Day | -1.31% | -0.05% |
5 Day | 2.03% | -0.38% |
1 Month | 1.34% | 3.36% |
6 Month | 23.77% | 5.92% |
YTD | 7.09% | 1.88% |
1 Year | -6.21% | -2.47% |
5 Year | -40.78% | -0.30% |
The Edge • 13 days ago
The Edge • 14 days ago
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SGX Research • 21 days ago
By SGX as of 12 May 2024
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