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Cromwell E-REIT acquires office building in Italy for $26.6 mil in total

PC Lee
PC Lee11/29/2019 04:35 PM GMT+08  • 2 min read
Cromwell E-REIT acquires office building in Italy for $26.6 mil in total
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).
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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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