Woops, forgot the location counter moves in bytes not longs ;-)
should be
in ld/scripttempl/pe.sc
.reloc ${RELOCATING+BLOCK(__section_alignment__)} :
{
reloc_start_addr__ = .;
*(.reloc)
reloc_end_addr__ = .;
. += ( reloc_end_addr__ - reloc_start_addr__ ) ? 5 * 4 : 0 ;
} =0x0000