Cromwell REIT acquires 11 Finnish offices for €113m

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Singapore-listed Cromwell European Real Estate Investment Trust (CEREIT) has acquired 11 freehold office properties in Finland for €113.1m.

Cromwell Property Group announced the transaction today, a day after revealing that CEREIT had bought two office properties in the Netherlands for €127.6m.

The 11 Finnish assets are mostly located in the Helsinki Metropolitan Area and have a total lettable floor area of 61,972sqm.

One of the assets is located in Kuopio, a university city in the east of Finland, which Cromwell described as a rapidly growing regional hub.

Tomas Beck, head of Nordics at Cromwell Property Group, said: “We are currently operating in a buoyant office market in Finland, supported by strong domestic demand, job growth and rising consumer confidence.

“These conditions have put upward pressure on rents in high quality, well-located buildings that offer efficiency and connectivity.”

Related images

  • Plaza Forte office property in Finland

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  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

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