CEREIT to divest portfolio of 12 European assets for $99 mil

Stanislaus Jude Chan
Stanislaus Jude Chan12/17/2019 11:26 AM GMT+08  • 3 min read
CEREIT to divest portfolio of 12 European assets for $99 mil
SINGAPORE (Dec 17): Cromwell European Real Estate Investment Trust (CEREIT) is disposing a portfolio of 12 light industrial and logistics properties in the Netherlands, Denmark and France for €65.7 million ($99.1 million), the manager announced Tuesday.
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SINGAPORE (Dec 17): Cromwell European Real Estate Investment Trust (CEREIT) is disposing a portfolio of 12 light industrial and logistics properties in the Netherlands, Denmark and France for €65.7 million ($99.1 million), the manager announced Tuesday.

The agreed property sales price of the portfolio represents a 15.2% premium to the original purchase price. It is also a 4.1% premium to the latest market value of the portfolio, based on independent valuations conducted by Cushman & Wakefield Debenham Tie Leung and Colliers International Valuation UK as at June 30, 2019.

Through its subsidiaries, CEREIT will sell the portfolio by way of an asset sale for the Dutch and Danish assets and by way of a sale of shares of the French companies that own the French assets.

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