Real estate investor and fund manager Cromwell Property Group (Cromwell) has completed the acquisition of a multi-let light industrial logistics property in Brøndby, Copenhagen, for €15.7 mln on behalf of Cromwell European REIT (CEREIT).
Sognevej is a freehold light industrial complex of five buildings on a 41,649 m2 site with a total lettable area of 22,842 m2, comprising predominantly warehouse and some office space. Located in Priorparken, an established business park in Copenhagen, the asset complements CEREIT’s existing portfolio in the region as it’s adjacent to the Priorparken 700 and 800 asset.
With a weighted average lease expiry of 1.1 years, Sognevej provides asset management potential and the opportunity to improve value by regearing current leases and letting vacant space.
Commenting on the acquisition, Pontus Flemme Gärdsell, head of Nordics, said: ‘Acquired in an off-market deal significantly below the cost of replacement, Sognevej is a well-located asset set to benefit from Copenhagen’s growing position as a major European logistics hub in a market where vacancy rates at 1.2% are at their lowest level since 2018.’
