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.