News

Commercial Property

Staff Reporter

, Singapore

Published:

4 years ago

238 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

Cromwell European Reit

Cromwell European EREIT acquisition

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia