The manager of Cromwell European Real Estate Investment Trust (CEREIT) has entered into a promissory deed with an affiliate of a European real estate investment fund to divest its Parc de Popey asset for EUR5.8 million (approximately $9.3 million).

The asset, located at 5 Chemin de Popey in Bar-le-Duc, France, consists of a single large warehouse building with ancillary office accommodation totalling some 15,724 sqm.

The asset was built in 1995 and is currently occupied by a major postal service and logistics company which is largely owned by the French government. The building is used as an industrial sorting parcel platform.

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