During the period of review, the REIT’s properties in Denmark and France saw slight valuation increases of EUR12.2 million and EUR2.4 million respectively due to asset management enhancement initiatives and market rent growth. The Czech Republic portfolio valuation was higher due to the increase in value of properties under development.
The portfolio valuation for Cromwell European REIT (CEREIT) has dropped to EUR2.49 billion ($3.55 billion) for the FY2022 ended Dec 31, 2022, 1.6% lower compared to its valuation in June 2022.
The figure is based off the respective independent valuations carried out by CBRE and Savills Advisory Services Limited for the 112 properties in the REIT’s portfolio. It takes into account the benefit of valuation increases on properties under development in Italy and Czech Republic and excludes Sognevej 25 in Denmark, which was acquired in October 2022. Including Sognevej 25, the REIT’s total valuation would have stood at EUR2.50 billion over 113 properties.
