• 2Q18 DPU of 1.08 EURcts in line with expectations. 
• Cromwell European REIT on track to exceed its IPO forecasts. 
• In-line rental escalations offset marginal drop in occupancy. 
• Potential decision by French government not to acquire part of Parc Des Docks provides an opportunity to lift occupancy and rents. 

Leveraged to An Improving Europe

We maintain our BUY call on Cromwell European Real Estate Investment Trust (CERT) with a Target Price of EUR0.66.

We continue to be bullish on Cromwell European REIT’s prospects, given expectations of rising rents on the back of an improving European economy as well as benefits from having inbuilt rental escalations in the majority of its leases.

Source: DBS Research - 14 Aug 2018