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Media Release 11 May 2021 CROMWELL EUROPEAN REIT NOT FOR DISTRIBUTION OR PUBLICATION IN THE UNITED STATES OR IN ANY OTHER JURISDICTION OUTSIDE SINGAPORE ■ ■ • ■ • Cromwell European REIT's Pivot towards Logistics Sector Accelerates in 1Q 2021 with Strategic Acquisitions in Two New Markets Portfolio of 11 modern logistics assets in the Czech Republic and Slovakia acquired for € 113.2 million at a net operating income ( " NOI " ) yield of 6.7 % , 2.1 % below valuation 94.6 % portfolio occupancy rate , with notable leasing successes in light industrial / logistics sector , and with 59 % of headline rent of leases subject to expiries and breaks up to 30 September 2021 de - risked 1Q 2021 net property income ( " NPI ” ) of € 30.8 million is almost equal to 1Q 2020 , the last pre - COVID- 19 quarter in Europe Positive operating cash flow of € 23.5 million – higher than the 1Q 2021 distributable income of € 21.7 million 38.5 % aggregate leverage¹ , interest coverage ratio of 6.0 times² , low interest cost of 1.72 % and long weighted average debt expiry profile of 4.0 years 1Q 2021 1Q 2020 Variance Gross Revenue ( € 000 ) 48,450 48,506 ( 0.1 % ) Net Property Income ( € 000 ) 30,836 30,956 ( 0.4 % ) Income Available for Distribution 21,744 23,256 ( 6.5 % ) to Unitholders ( € 000 ) SINGAPORE Cromwell EREIT Management Pte . Ltd. , the manager ( the " Manager " ) of Cromwell European Real Estate Investment Trust ( " Cromwell European REIT ” or “ CEREIT ” ) , today announced CEREIT's financial and operational updates for the first quarter ended 31 March 2021 ( " 1Q 2021 " ) . CEREIT recorded 1Q 2021 gross revenue and NPI of € 48.5 million and € 30.8 million , respectively , almost equal to the prior corresponding period of 2020 ( " 1Q 2020 ” ) , when the Eurozone economy was not yet affected by the COVID - 19 pandemic . Prolonged COVID - 19 lockdowns in most of CEREIT's countries of operations impacted 1Q 2021 gross revenue and NPI , notably reducing carpark income in the mixed - use Central Plaza in Rotterdam , the Netherlands and resulting in some vacancy in certain light industrial / logistics assets in France and Denmark . The disposal of 12 higher - yielding and higher - risk assets in the Netherlands , France and Denmark also affected gross revenue , though this was partially offset by new income from recently completed acquisitions in Italy , Germany , the Czech Republic and Slovakia . 50 Collyer Quay , # 07-02 OUE Bayfront , Singapore 049321 1 Cromwell EREIT Management Pte . Ltd. | Registration No : 201702701N