SINGAPORE (Nov 29): Cromwell European REIT (CEREIT) has completed the acquisition of a freehold office property in Italy for a total cost of 18.5 million euros ($27.8 million).
The acquisition is part of its strategy of recycling capital by selling non-core assets and reinvesting them in higher-yielding assets to benefit unitholders, says CEREIT's manager.
Built in 1982, the recently renovated building is located in the Colleoni Business Park in Agrate Brianza, about a 30-minute drive north-east of Milan.
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