Cromwell European REIT Acquires Freehold Intermodal Logistics Park in Italy
November 25, 2020 – Cromwell Real Estate Investment Trust announced that one of its wholly-owned vehicles has entered into a sale and purchase agreement to acquire a freehold intermodal logistics park with nine warehouses and a freight railway terminal in Italy.
The Manager’s Chief Executive Officer, Mr. Simon Garing, commented, “I am delighted to announce CEREIT’s latest transaction – the acquisition of an Italian freehold intermodal logistics park of substantial size at a competitive price and an attractive 7.4% NOI yield. The deal was secured off-market, once again bearing testament to the sourcing capabilities of our extensive on-the-ground European team.”
“We are pleased to welcome renowned Italian brands such as Tod’s, Eurospin and White Solution to our diverse tenant-customer roster. The logistics park is expected to generate stable and recurring cash flows with scope for further rental upside and will increase CEREIT’s exposure to the resilient logistics sector, which is consistent with our stated purpose of delivering long-term distribution and net asset value per unit growth to unitholders.”
The Asset is a freehold intermodal logistics park with 156,888 square metres of NLA, spanning a 421,703 sq m site and built in stages between 1995 and 2006. It has nine warehouses with ample loading bays, an office building and a canteen. 18,000 sq m of its NLA is used for cold storage, which commands significantly higher rental rates than space used for general warehousing purposes.
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