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Cromwell European REIT Makes Third Italian Logistics Acquisition

November 2, 2021 – Cromwell European Real Estate Investment Trust (REIT) announced that it has entered into a sale and purchase agreement and simultaneously completed the acquisition of a light industrial / logistics asset in Italy.

The Manager’s Chief Executive Officer, Mr. Simon Garing, commented, “This is a valuable off-market opportunity for CEREIT to acquire a fully-leased freehold logistics asset in the strategic Greater Venice market in Northern Italy, at an accretive 6.5% NOI yield. Cromwell’s on-the-ground transaction team has secured the centre at well below independent valuation, with relatively low risk characteristics.”

“The attractiveness of the acquisition is further underpinned by a long lease to Reckitt Benckiser Group, a leading multinational FMCG company, with an equity market capitalisation of £39 billion (S$72.2 billion1) and a S&P3 credit rating of ‘A-’. This prime property is a significant Italian logistics centre for Reckitt Benckiser Group, adjacent to their manufacturing plant and research and development centre. We are pleased to welcome them to CEREIT’s diversified roster of over 800 quality tenant-customers.

The Asset is a freehold, light industrial / logistics property occupying a site area of 47,787 square metres. The Asset consists of a warehouse and small office component spanning 27,938 sqm in gross floor area, and an external area of approximately 21,000 sqm.

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