CEREIT buys industrial asset in Germany for $25m

Germany will then account for 6.5% of CEREIT’s portfolio.

Cromwell European Real Estate Investment Trust (CEREIT) has entered into a purchase agreement with Nathusius Vermögensverwaltungs GmbH & Co. KG to acquire a light industrial and logistics asset in Germany for $25m (€16.6m), said in its bourse filing.

This is CEREIT’s second light industrial asset acquisition in the country.

The asset was constructed in 2017, situated in Sangerhausen town. It is a freehold property which totals 30,557 sqm, with a net lettable area of 79,000 sqm.

Upon the acquisition, Germany will account for 6.5% of CEREIT’s portfolio, up from 5.7% as at 31 December 2019.

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