Cromwell European Real Estate Investment Trust (CEREIT) has acquired four logistics properties totalling circa 37,300m² for a total of €28.2m. The properties will be managed by CEREIT’s sponsor, Cromwell Property Group, through its integrated European investment asset management platform.
Located 9km from Paris, the Gennevilliers logistics asset comprises c. 7,500m² of lettable area which is let to GRDF. The Sully-sur Loire logistics asset consists of c.15,500m² of lettable space located 40 km east of Orleans and 178 km from Paris. The building is currently let to the auto service parts supplier Inteva Products. The property in Parcay-Meslay offers c. 5,500m² of lettable space and benefits from excellent transport links to Bordeaux, Paris and the north of France. The property is fully let to ATAC (Auchan Supermarches). The Villeneuve-les-Beziers asset comprises 8,944m² of lettable area and is strategically located 3 km east of Beziers in the south of France, and is let to DHL.
Diego Roux, Head of Investment & Disposal France for Cromwell Property Group in Europe, commented: “This is a strong portfolio of French assets, sourced off-market at an attractive NIY of circa 9%, set 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.”