Cromwell European REIT offloads Finnish and Italian assets for $10.5m

The assets were sold for $7.9m and $2.63m, respectively.

Cromwell European REIT (CEREIT) has sold two assets in Finland and Italy for $10.5m (€7.2m).

The Finland asset is Grandinkulma located at Kielotie 7, Vantaa. The property’s total area size spans 6,191.4 sqm. The REIT sold the asset, valued at €5.6m, for €5.4m ($7.9m).

Padova, the Italy property, is a complex of three standalone buildings with varying heights of one to seven floors. The property in the city of Padua, in the Veneto region, northeastern Italy, used to be the barracks of the Italian Gendarmerie (Carabinieri).

It was valued at €1.45m but sold for €1.8m ($2.63m).

CEREIT will use the net proceeds from the divestment to repay its revolving credit facility and/or for other working capital purposes.