Cromwell European REIT - Annual Report 2021

01 OVERVIEW OF CROMWELL EUROPEAN REIT CEREIT overview 2 Portfolio overview 2 FY 2021 financial highlights 3 Chair’s letter to Unitholders 4 CEO interview 10 Business model and investment strategy 16 Structure of CEREIT 18 Board of Directors 20 The Sponsor, the Manager and the Property Manager 26 02 MANAGER’S OVERVIEW CEREIT’s milestones 32 Manager’s report 34 Investor relations 52 03 PROPERTY PORTFOLIO AND MARKET RESEARCH CEREIT property portfolio overview 58 Top 10 properties 60 The Netherlands 70 Italy 74 France 78 Poland 82 Germany 84 Finland 86 Denmark 88 Czech Republic 90 Slovakia 92 UK 94 European property market research 96 CONTENTS * Cromwell European REIT’s Annual Report covers the period of 1 January 2021 to 31 December 2021 ** Unless otherwise stated, financials are reported in Euros (“Euro” or “€”) *** Any discrepancies in the tables included in the Annual Report between the listed amounts and totals thereof are due to rounding. Accordingly, figures shown as totals in this Annual Report may not be an arithmetic aggregation of the figures that precede them **** A non-exhaustive glossary of terms and first mentions is included on the page 276 – 278 of this Annual Report