CEREIT buys industrial asset in Germany for $25m
Germany will then account for 6.5% of CEREIT’s portfolio.
Cromwell European Real Estate Investment Trust (CEREIT) has entered into a purchase agreement with Nathusius Vermögensverwaltungs GmbH & Co. KG to acquire a light industrial and logistics asset in Germany for $25m (€16.6m), said in its bourse filing.
This is CEREIT’s second light industrial asset acquisition in the country.
The asset was constructed in 2017, situated in Sangerhausen town. It is a freehold property which totals 30,557 sqm, with a net lettable area of 79,000 sqm.
Upon the acquisition, Germany will account for 6.5% of CEREIT’s portfolio, up from 5.7% as at 31 December 2019.