Cromwell European REIT Ranked 7th In Singapore Governance And Transparency Index 2020

SINGAPORE – Cromwell EREIT Management Pte. Ltd., the manager (the “Manager”) of Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT”), is pleased to announce that CEREIT has been ranked amongst the top 10 Singapore-listed real estate investment trusts (“REITs”) and business trusts in the Singapore Governance and Transparency Index (“SGTI”) 2020. CEREIT achieved a score of 95.4 points, jumping close to 30 spots from its inaugural 2019 ranking of 36th to 7th position in the 2020 edition of SGTI.

The SGTI is the leading index for assessing corporate governance practices of Singapore-listed companies, and its rankings released in August each calendar year are keenly watched by the business community. SGTI assesses companies based on criteria such as board responsibilities, rights of shareholders, stakeholder engagement, sustainability management, accountability and audit, and disclosure and transparency. Criteria for REITs include additional reporting requirements covering structure, leverage, interested person transactions, competency of REIT Manager / Trustee-manager and emoluments. SGTI is a collaboration between CPA Australia, NUS Business School’s Centre for Governance, Institutions and Organisations, and Singapore Institute of Directors.

The Manager’s Chief Executive Officer, Mr. Simon Garing, commented, “Since CEREIT’s inception, the Manager has strived to uphold a best practice approach to corporate governance and sustainability, consistent with the values of CEREIT’s sponsor Cromwell Property Group and with guidance from our board. We are thrilled that CEREIT has been recognised for its excellence and good governance practices, achieving a top 10 spot in SGTI in just its second assessment year. This recognition means a lot to us especially amid the COVID-19 pandemic, because it demonstrates our commitment to continue safeguarding CEREIT unitholders’ interests through effective risk management processes, transparent disclosures, robust reporting and high sustainability standards.”

This year, the index ranked a total of 577 companies and 45 REITs and business trusts. The full list of rankings in the category for REITs and business trusts can be found here.

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Cromwell European REIT Enters Into Agreement To Invest In European Data Centres

Cromwell EREIT Management Pte. Ltd., the manager (the “Manager”) of Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT”), today announced that CEREIT has entered into a Heads of Term Agreement with its sponsor Cromwell Property Group (“Cromwell”) and Stratus Data Centres (“Stratus”), a member of the EXS Capital Group (“EXS”), to co-invest directly into 50% stakes in two data centre projects in London and Frankfurt, subject to various milestones.

Key highlights:

  • The first project is a two-stage, 100 megawatt data centre serving London; negotiations with potential tenant operators are well advanced and construction is expected to be completed in 2021
  • The second is a multi-stage 300 megawatt project on a 34-acre strategic site serving Frankfurt; advanced pre-leasing agreements and planning processes are underway
  • The two sites are the first data centre projects in the Stratus Cromwell Data Centre Fund (“SCDC Fund”)
  • CEREIT’s sponsor Cromwell has simultaneously entered into a strategic partnership with Stratus to invest in and manage the rollout of a data centre property platform across Europe and Asia Pacific through the new SCDC Funds

The Manager’s Chief Executive Officer, Mr. Simon Garing, commented: “We have identified a sector with significant investment opportunity in Europe, where we believe there will be continued demand for data centre projects. Data centres are a natural fit with our existing investment strategy and portfolio composition and we expect to realise attractive risk-adjusted returns for CEREIT unitholders from the partnership. The platform will also allow us to extract additional value through a number of potential future data centre opportunities in strategic locations within CEREIT’s existing 1.4 million sqm portfolio.”

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CEREIT 1Q 2020

Our investors are at the forefront of everything we do.

The Manager is committed to ensuring that CEREIT meets expectations of good corporate governance and sustainable business practices while seeking to achieve superior investor performance over the medium and long term.

The Board and the Manager are both proactive with respect to corporate governance and actively review developments to determine which corporate governance arrangements are appropriate for CEREIT and its investors.

The Code of Corporate Governance 2018 is adopted as the REIT's benchmark for corporate governance policies and practices.