The manager of Cromwell European REIT (CEREIT) announced on September 25 that the REIT has been conferred the ‘Best Industrial REIT – Platinum’ award, in the category for real estate investment trusts (REITs) with market capitalisations of US$1 billion ($1.37 billion) and above, at the Asia Pacific Best of the Breeds REITs Awards 2020.
This is the third consecutive year that the REIT has won the platinum award.
The manager’s CEO Simon Garing has also been accorded the ‘Best CEO – Platinum’ award, in recognition of exemplary and outstanding leadership. Garing took home the Gold award in 2019.
The awards recognise REITs and individuals with excellent performance and high standards in the Asia Pacific REIT market.
Nominated REITs are assessed by an independent judging committee comprising senior professionals in the financial and real estate sector.
Nominees are evaluated based on several areas, including the REIT’s gearing, distribution yield, and weighted average lease expiry (WALE) profile, as well as the quality of its manager.
“We are thankful for the invaluable support of our unitholders, tenant-customers, sponsor Cromwell Property Group, and partners. CEREIT’s stable performance in the first half of 2020 gives us confidence in its outlook for the second half, and our team remains focused on safeguarding unitholders’ interests and delivering long-term value,” says Garing.
Units in CEREIT closed 0.5 cent lower, or 1.1% down, at 47 Euro cents on September 24.
