167 views
Saalepark Jena in Central Germany is one of the properties acquired by CEREIT. Photo from CEREIT.

Cromwell European REIT acquires 3 EU properties

The REIT purchased freehold properties in Italy and Germany.

Cromwell European Real Estate Investment Trust (CEREIT) acquired three properties in Italy and Germany for $101.52m (€68.3m), which is 12.7% below the aggregate independent valuations.

According to CEREIT’s manager, the real estate investment trust firm entered into three separate sale and purchase agreements and completed the acquisition of three properties, which are all freehold and span 126,752 square metres in total gross lettable area. 

The two Italian properties are located in northern Italy, namely, the ABB Industrial Site in Milan, and Bialetti Headquarters in Brescia whilst the German property, namely Saalepark, Jena is located in Jena.

Reacting to this, CEREIT Management Pte. Ltd. CEO Simon Garing said the new economy properties are located in highly liquid estate markets of northern Italy. 

“Our experienced, on-the-ground team sourced and secured the investments at a favourable average 6.8% NOI yield 12.7% below independent valuation, with a [blended] weighted average lease expiry of 5.4 years. The properties are fully-leased to global companies including ABB, Bialetti and Abbott Diagnostics,” said Garing.

These acquisitions are part of the $148m (€100m) advanced pipeline it announced in its CEREIT’s fiscal year 2021 results and further build CEREIT’s light industrial and logistics scale in core Western European nations.

$1 = €0.68

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!