Cromwell European REIT Divests Three Light Industrial / Logistics Asset In Germany And France At 28% Premium To Latest Valuation
Cromwell EREIT Management Pte. Ltd., the manager (the “Manager”) of Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT”), is pleased to announce that CEREIT has entered into separate sale and purchase agreements to divest two light industrial / logistics assets in Germany and a light industrial / logistics asset in France.
FOR MORE DETAILS, CLICK HERE
The Manager’s Chief Executive Officer Mr. Simon Garing said, “I am pleased to announce the divestment of three non-core assets in France and Germany, for a total price of €22.01 million (S$30.6 million), a blended €4.85m (+28%) premium to the latest June 2022 valuations of €17.15m. The 3 assets formed part of CEREIT’s IPO portfolio five years ago. Cromwell’s local teams recently fulfilled the asset management plans and associated leasing programs for the three older style warehouses. Aided by the strength in the European logistics market, the teams’ executed the sales €13.6 million (162%) above the aggregate IPO purchase price of €8.4 million in 2017.
This is testament to the local teams’ ability to identify and manage value add opportunities, realising strong gains for investors. We expect to complete the divestment process in 4Q2022, subject to fulfilment of certain customary conditions in Germany and France and recycle the capital into other opportunities."
Our investors are at the forefront of everything we do.
The Manager is committed to ensuring that CEREIT meets expectations of good corporate governance and sustainable business practices while seeking to achieve superior investor performance over the medium and long term.
The Board and the Manager are both proactive with respect to corporate governance and actively review developments to determine which corporate governance arrangements are appropriate for CEREIT and its investors.
The Code of Corporate Governance 2018 is adopted as the REIT's benchmark for corporate governance policies and practices.