Cromwell EREIT bags five major leases in Q4 2024

It is expected to maintain CEREIT’s portfolio occupancy rate above 93%.

Cromwell EREIT Management secured five leases during the fourth quarter (Q4 2024), which garnered about 78,000 sqm in the Netherlands, United Kingdom, Germany, and Denmark.

The company said these agreements are expected to maintain CEREIT’s portfolio occupancy rate above 93%, supported by its tenant retention rate of over 70% in Q3 2024 and a diverse tenant base of more than 800 companies.

In the Netherlands, Essent, a subsidiary of Germany’s E.ON Group, renewed its lease at Bastion in 's-Hertogenbosch. 

The agreement covers approximately 18,500 sqm of office and storage space, alongside 350 parking lots, for 15 years starting January 2025. This renewal keeps the property’s occupancy at 97%.

In the United Kingdom, Thorn Lighting extended its 41,610 sqm lease in Spennymoor until 2039. CEREIT will expand the site by 5,157 sqm with a new warehouse and install rooftop solar panels in 2025. These upgrades will enable the tenant to consolidate operations into a single site by 2027 whilst benefiting from renewable energy.

In Germany, Dropsa BM GmbH renewed its 4,357 sqm lease at a logistics property in Frickenhausen for five years from September 2025. The multi-tenanted property, located in the Stuttgart region, maintains a 94% occupancy rate.

In Denmark, CEREIT secured two major leases. GMT Robotics signed a six-year lease for 9,128 sqm at Priorparken 800 in Brøndby, increasing the property’s occupancy from below 40% to 100%. Cryptera renewed its 5,011 sqm lease at Fabriksparken 20 in Glostrup for three years, maintaining the property’s full occupancy.

CEREIT’s portfolio continues to benefit from strong logistics demand, with four of the five leases involving logistics assets. 

In Q3 2024, logistics vacancy rates averaged 3.8% in CEREIT’s markets, whilst rent reversions reached 8.8%. CEREIT’s CEO, Simon Garing, highlighted the role of the company’s local teams across Europe in securing these leases and emphasised the focus on asset enhancements to meet tenants’ evolving needs and sustainability goals.