Cromwell Property launches global data centre fund and other APAC REIT news

In Australia, ASX-listed Cromwell Property Group (CMW) has teamed up with EXS Capital-owned Stratus Data Centres to launch a data centre property fund targeting US$1bn of assets in Europe and Asia Pacifc. 

Cromwell will be a cornerstone investor in the Stratus Cromwell Data Centre fund, with a quarter of the portfolio assets already identified, the company said.

At the same time, Singapore-listed Cromwell European REIT (CNNU) has agreed to co-invest directly into 50% stakes in the SCDC Fund’s first two data centre projects in London and Frankfurt.

The SCDC London asset (image: Cromwell)

The London asset is a two-stage, 100 megawatt data project scheduled for completion in 2021, while the Frankfurt asset is a 300MW multi-stage project set to be one of the largest data centre campuses in Germany.

Shares in Cromwell Property Group jumped 3.95% to A$0.92, while Cromwell European REIT stocks soared 4.76% to S$0.44.

Service station trust Waypoint REIT (WPR) reported a A$30.1m portfolio valuation uplift for a third of its portfolio as of end-June 2020, according to the REIT. 

The company said the independently valued properties represented a broad cross-section of its portfolio, with a metro/regional split of 73% and 27%.

The REIT also entered into a new $50m bilateral revolving credit facility set to mature in June 2023 to replace a similar sized facility due to mature in April 2021.

Waypoint REIT shares finished trading 2.75% higher at A$2.62.

The S&P/ASX 200 A-REIT index rose 1.95% to 1,224.40, outperforming the S&P/ASX 200 index, which increased 0.98% to 5,977.50.

After Cromwell Property, the biggest A-REIT moves were Centuria Office REIT (COF) shares, which grew 3.82% to A$2.04, and Arena REIT (ARF), which slipped 2.69% to A$2.17.

Singapore

Ascott REIT (HMN) warned investors of a lower distribution for the six-month period ending June 2020 due to the disruptions in travel and hospitality caused by COVID-19. 

Ascott REIT’s distribution per stapled security for 1H 2020 is expected to fall by 65% to 75% compared to the 3.43 Singapore cents recorded for 1H 2019, the REIT’s manager said

Ascott REIT shares closed 3.40% lower at S$0.995.  

The FTSE ST Real Estate Investment Trusts index crept 0.23% higher to 839.37, while the Straits Times Index dipped 0.81% to 2,631.08.

BHG Retail REIT (BMGU) shares soared 10.81% to S$0.62, while Frasers Hospitality Trust (ACV) stocks slipped 4.12% to S$0.47.

Japan

The Tokyo Stock Exchange REIT index edged 0.34% higher to 1,670.51, as the Nikkei 225 index jumped 2.22% to 22,784.74. 

The biggest J-REIT swings were Invesco Office J-REIT Inc. (3298) shares, which fell 3% to JPY 12,600, and Japan Hotel REIT Investment Corp. (8985) stocks, which jumped 4.46% to JPY 45,700.

Hong Kong 

In Hong Kong, the Hang Seng REIT index finished trading 0.46% lower at 5,635.13, while the Hang Seng index increased 0.17% to 25,772.12. 

Spring REIT (1426) shares posted the biggest gains of the day, up 2.83% to HK$2.54, while Sunlight REIT (435) stocks declined 1.02% to HK$3.87.

Avatar
Benn is a freelance journalist and the publisher of APAC Real Estate. He has reported for the Herald Sun, REFI Europe, S&P Global Market Intelligence, Leader Newspapers, and more.