Staff Reporter , Singapore
The value of the sale was 53% higher than the IPO purchase price.
Cromwell European Reit announced via a release on SGX its divestment of a French property for $9.2m (€5.8m).
The property is known as Parc De Popey and is located at 5 Chemin de Popey in Bar-de-luc, France.
This was divested for 53% higher than the IPO purchase price, or 21% than the most recent valuation by Savills Advisory Services Limited at $7.61 (€4.8m).
The sale of this French property falls in line with the company’s current strategy to improve the risk-return quality of CEREIT’S portfolio.
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