Cromwell European REIT acquires 3 properties in UK and Netherlands for $88.4m

The properties have a blended NOI yield of 5.6%.

Singapore Exchange-listed Cromwell Eurpreon REIT has acquired three logistics properties in the United Kingdom and The Netherlands for S$88.4m (€57.8m).

The properties acquired were Thorn in Spennymore, Durham, North East England, UK; s-Heerenberg in De Immenhorst 7, ‘s-Heerenberg, The Netherlands; and Tilburg, Rosa Castellanosstraat 4, Tilburg, The Netherlands.

The three properties span a total of 65,360 sqm total floor area and are fully let on long-term single leases with a blended weighted average lease expiry of around eight years. They also have a blended net operating income (NOI) yield of 5.6%.

Cromwell EREIT Management Pte. Ltd, the CEREIT’s manager, said the acquisitions were funded using the cash raised from the CEREIT’s recent issuance of S$100 million perpetual securities and were progressively completed between 17 to 30 December 2021.

The manager said the acquisitions are not expected to have any material effect on CEREIT’s net tangible assets.