Cromwell European REIT acquires Milan office property for $27.8m

This was after the company divested its commune park in France.

Cromwell European Real Estate Investment Trust (CEREIT) has announced that it has recently completed its $27.8m acquisition of Via Paracelso, an office property located at the Agrate Brianza province of Italy.

In October, CEREIT has divested its park in the Osny city of France, where proceeds from the sale were used to fund the purchase agreement of Via Paracelso.

The Milan asset comprises of eight floors set out within three adjoining blocks across Agrate Brianza’s Colleoni Business Park, where the blocks have been interconnected at various floors.

The property boasts of a high-yielding occupancy, where majority of the income, 50% comes from only three principal tenants. The property is also almost fully let with a weighted average unexpired lease term (WALE) for at least the next four years.

The company expects that the acquisition will increase CEREIT’s exposure to the thriving office market in Greater Milan metropolitan area.