Cromwell European REIT sells 12 properties in Europe for $73m

The divestment is set to increase the company’s net asset value.

Cromwell European Real Estate Investment Trust (CEREIT) has entered into a master sale and purchase agreement with The Blackstone Group to divest 12 of their European properties for $73m (€65.7m ), an SGX filing revealed. Five assets are located each in Netherlands and France, whilst two are in Denmark, all of which are light industrial and logistics assets.

The sale of the European portfolio follows CEREIT’s recent sale of French commune park, Parc D’Osny in October.

Also read: Cromwell European REIT acquires Milan office property for $27.8m

The disposal of the 12 assets is said to be in line with the company’s strategy to recycle capital into new investments. The company expects the sale’s capital gains to increase its net asset value (NAV), which is estimated to be in excess of $5.5m (€5m).