Cromwell European REIT - Annual Report 2021

ASSET ENHANCEMENT AND SUSTAINABILITY INITIATIVES As at 23 February 2022 Hochstraße 150-152, Germany The expansion of an anchor tenant-customer into additional warehouse and office space created an opportunity to undertake necessary mechanical, electric upgrades and some vacant space refurbishment. An existing void space of 3,820 sqm was transformed into flexible office, production and warehouse areas, markedly reducing it to 1,240 sqm. The local asset management team then engaged with the tenant- customer to gradually increase its leased space to 11,130 sqm (up from original 5,360 sqm) and signed a new long-term lease contract until 2032. As a result of the reduced vacancy and increased WALE, the asset valuation almost doubled. Stamholmen 111, Denmark Over the course of 2019 to 2021, the ground floor of the asset was gradually transformed into flexible warehouse space, reducing the original structural void, de-risking and repositioning the asset as a multi-let concept. The local team signed a new anchor tenant- customer for ~5,000 sqm on a 15-year lease. As a result of the reduced vacancy and increased WALE, property valuation increased 81% (€7.8 million as at 31 December 2021, up from €4.3 million purchase price at IPO). Paryseine, France Asset enhancement works completed at the property in 2021 included a complete redesign and upgrade of the reception area, integration of a connected canteen area, lifts refurbishment and a new waste-management service contract. Works were completed in Q4 2021 with occupier launch in January 2022 and the significant improvements were well received by tenant-customers. Blaak 40, The Netherlands The asset enhancement initiatives at the property that started in 2020 were largely completed in 2021. The reception area and other common space were upgraded to create a multi-tenant arrival experience. Screen monitors with information on energy usage, public transport options, weather forecast and news flash reports were installed. The third-floor area was fully renovated in preparation for re-leasing, with new LED lighting, floor finish and paint. The building facade’s brickwork and natural stone was restored and the window frames repainted in keeping with the landmark character of the building. Bastion,’s-Hertogenbosch, The Netherlands During 2021,~600 sqm of vacant office floor space was renovated with a ceiling upgrade, new LED lighting and floor finishing. A current tenant-customer with expansion plans has already leased up the space, starting from January 2022. Via Nervesa 21, Italy A complete property upgrade to a LEED Platinum- certified green office building is underway. All required permits have been received and early works for strip- out and demolition have started. Site visits with all the major office agents in Milan completed in February 2022. The appointed marketing agency is finalising all marketing leasing materials (website, brochures, leasing enquiries signage etc.). The scorecard for assessment of design performance and tracking against LEED Platinum performance is underway. Nove Mesto ONE Industrial Park I, Slovakia The preparatory works for CEREIT’s first green field development on a 39,380 sqm GLA that is part of CEREIT’s Nove Mesto ONE Industrial Park I land plot in Slovakia are underway. Construction of ~10,695 sqm warehouse, mezzanine and office space under Phase 1 is expected to commence in mid–2022, while Phase 2 construction is expected to commence in January 2023. Advanced discussions are underway with four tenant-customers for leasing of > 5,000 sqm each. The development is targeting BREEAM “Very Good” certification. French portfolio Further progress was made in 2021 on energy consumption data collection across CEREIT’s French portfolio, in line with new French regulation to reduce energy consumption by 40% by 2030. Systems are now in place to collect data on energy consumption for all landlord-controlled areas and the Property Manager is also making progress on tenant-customer energy consumption data collection. Following energy audits of the assets, capex investment plans were prepared by a technical consultant and uploaded into Deepki’s CROMWELL EUROPEAN REIT 49 ANNUAL REPORT 2021