Cromwell EREIT divests two office assets in Italy for $29.6m

The selling price is 7.7% above the latest valuations.

Cromwell European REIT (CEREIT) has divested two office assets in Italy for a total price of $29.6m (€20.9m).

CEREIT entered into two separate sale and purchase agreements for Mestre, located at Via Rampa Cavalcavia 16-18 in Venice Mestre, and Firenze, located at Via della Fortezza, 8 in Florence.

The total selling price of $29.6m is 7.7% above the latest valuations. A divestment fee of $0.10m or 0.5% of the total selling price will be paid to the manager.

Proceeds from the divestments will be deployed to repay the revolving credit facility and/or for other working capital purposes.

“Since the beginning of 2022, we have executed €284.5m in divestments of non-strategic assets at a healthy €33.0m or 13.1% premium to the latest valuations, assisted by our experienced on-the-ground team in Europe and despite the relative illiquidity and record-low transactions activity in Europe,” Simon Garing, CEO of Cromwell EREIT Management said.

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