Cromwell European REIT (CEREIT) has raised €100m in a private placement to partially finance its acquisition last December of 11 assets in the Czech Republic and Slovakia.

CEREIT plans to allocate €64m of the proceeds to the settlement of the €132m deal, which is due next month.

The trust said around €34.1m of the raising would go to help replenish working capital in connection with the recent acquisition of an intermodal logistics park in Northern Italy.

Simon Garing, CEREIT’s executive director and CEO, said the private placement was more than two times oversubscribed. This had allowed the manager and the underwriters to exercise the placement upsize in full, raising additional gross proceeds of approximately €10m.

The fundraising was backed by existing unitholders and new investors, including regional and global long-only institutional investors, property specialist funds and private wealth clients, Garing said.

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