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Cromwell European REIT Continues Pivot To Logistics With Acquisitions In The UK And The Netherlands

January 5, 2021 – Cromwell European Real Estate Investment Trust announced that it has entered into three separate sale and purchase agreements for the acquisitions of three light industrial / logistics properties in Spennymore, Durham, North East England, the United Kingdom, in De Immenhorst 7, ‘s-Heerenberg, The Netherlands and in Rosa Castellanosstraat 4, Tilburg, The Netherlands.

The aggregate purchase price is €57.8 million or approximately S$88.4 million (US$65.13 million).

The Manager’s Chief Executive Officer, Mr. Simon Garing, commented, “I am pleased to announce the acquisitions of three light industrial / logistics assets in the well-established and highly-liquid real estate markets of the UK and the Netherlands.”

“Our experienced, on-the-ground team sourced and secured all assets at a favourable blended 5.6% NOI yield and 3.9% below independent valuations on average.”

The acquisitions further build CEREIT’s light industrial / logistics scale in these markets accretively, bringing CEREIT’s portfolio to 41% light industrial / logistics weighting and advancing the Manager’s stated strategy of pivot to 50% weighing of this sector.

Read more here..

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