Cromwell European REIT acquiring 3 logistics properties in France for $34 mil

SINGAPORE (Dec 24): Cromwell European REIT (CEREIT) is acquiring three freehold properties in France to gain exposure to the Greater Paris logistics market.

The three properties are located along the French logistics corridor in Sully-sur-Loire, Parcay-Meslay and Villeneuve-lès-Béziers. The Sully property is fully let to Inteva Products, an automotive supplier, while the Parcay building is fully let to Atac, a supermarket subsidiary of the Auchan group, and the Beziers building is currently occupied by DHL on a nine-year lease.

Under the sale agreement, CEREIT will buy all the shares in target company Challenger DPG France SAS, which holds the three properties, from seller CDPG Luxembourg.