Cromwell sells 12 assets across Western Europe for €65.7m

Cromwell sells 12 assets across Western Europe for €65.7m

Cromwell European Real Estate Investment Trust has completed the sale of 12 assets in France, Denmark and the Netherlands for €65.7m to funds advised by affiliates of The Blackstone Group. The properties had been managed on behalf of CEREIT by its sponsor, Cromwell Property Group, through Cromwell’s integrated European investment management platform. The assets are all light industrial/logistics properties: five in the Netherlands, five in France and two in Denmark. The properties total approximately 124,000m² of space. The largest asset sold in France is Parc de l’Esplanade, a property which comprises 13 warehouse, office and light industrial buildings totalling 29,854m² of space within an industrial zone of 27 buildings. Parc de l’Esplanade is located in Saint-Thibault-des-Vignes.


Of the five assets that were sold in the Netherlands, the highest-valued asset is the Borhweg property in Spijkenisse, located just outside Rotterdam. The property comprises 40 light industrial units in two separate buildings with a net lettable area of 7.289m².


In Denmark, the largest of the two assets is the Hjulmagervej 3-19 property in Vejle, located in the Jutland Peninsula in Southern Denmark. The asset comprises nine warehouses/light industrial buildings. Each building consists of warehouse areas with associated offices. The total NLA of the property is 12.807m². The combined sales price of all the assets represents a premium of 15.2% to the original purchase price. Funds from the sales will be available for redeployment into new investments across Europe that better fit CEREIT’s risk-return profile.


Wouter Zwetsloot, Head of Real Estate Europe at Cromwell, said: “On the back of CEREIT’s divestment of Parc d’Osny in Osny, France, late last year, we are pleased to have been able to support CEREIT in this 12-asset portfolio disposal across three European countries. The sale consideration of 65.7m represents a 4.1% premium over the valuation, and a 15.2% premium over their total respective purchase prices, demonstrating our on-the-ground expertise in positioning assets and sourcing buyers. We continue to use our extensive local knowledge and experience in the European logistics/light industrial real estate market to look for opportunities as we execute Cromwell Property Group’s ‘invest-to-manage’ strategy”. 

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