Cromwell E-REIT divests Italy asset for $135.4m

Viale Europa represents 6.9% of the REIT’s net asset value.

Cromwell European REIT (CEREIT) has divested one of its largest non-core “other” assets, Viale Europa, for $135,4m (€94.0m).

In a bourse filing, CEREIT said it sold the property in Bari, Italy to the Italian State Property (Demanio dello Stato) of Bari Europa.

Simon Garing, CEO of the REIT’s manager, said the divestment is consistent with CEREIT’s “previously stated strategy of targeted asset sales, reducing exposure to the office and ‘other’ sectors and focusing more on the logistics/light industrial asset class.”

“We have so far completed €187.6m ($270.7m) of divestments in 2023, at a healthy €17.4m ($25m) or average 10.2% premium to December 2022 valuations, representing almost half of our targeted €400m ($577m) divestment programme to 2026,” Garing said.

Post divestment, CEREIT’s proforma NAV / Unit would have increased by €0.036 and aggregate leverage would have fallen to 36.8%.

Follow the link for more news on

Cromwell European Reit

divestment

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit