Cromwell European REIT adds French assets to portfolio

Cromwell European Real Estate Investment Trust (CEREIT) has expanded its portfolio with the acquisition of four French logistics properties worth €28.2m in total.

The real estate investment trust said the 37,300sqm properties will be managed by its sponsor, Cromwell Property Group, through its integrated European investment asset management platform.

The properties are the 7,500 sqm Gennevilliers logistics asset, the 15,500sqm Sully-sur Loire logistics asset, the 5,500sqm Parcay-Meslay and the 8,944sqm Villeneuve-les-Beziers logistics property.

Diego Roux, the head of investment and disposal in France for Cromwell Property Group in Europe, said the French assets, sourced off-market at an attractive net initial yield of around 9%, is expected to benefit from the recent resurgence in the French economy.

“The portfolio also provides value-add and asset enhancement opportunities as a number of the assets have development or expansion potential.

“Our locally-based teams of asset managers are well-placed to spot opportunities just like these across Europe’s major real estate markets,” Roux said.

As at 14 February, CEREIT held a €1.8bn portfolio of 97 properties made up of office, light industrial/logistics, and retail assets in Denmark, Finland, France, Germany, Italy, the Netherlands, as well as Poland.

 

Related images

  • Gennevilliers

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2540

    Asset class: All/Large Cap Equities.
    Asset region: UK.
    Size: The fund will be added to our guided fund range.
    Closing date: 2019-05-27.

  • QN-2541

    Asset class: Small/Mid-Cap Equities.
    Asset region: Switzerland.
    Size: CHF 130m.
    Closing date: 2019-06-04.

  • QN-2542

    Asset class: All/Large Cap Equities.
    Asset region: Switzerland.
    Size: CHF 130m.
    Closing date: 2019-06-04.

Begin Your Search Now