The manager of Cromwell European REIT (CEREIT) says it has acquired a freehold intermodal logistics park with nine warehouses and a freight railway terminal in Italy for €52.6 million ($84.2 million).

The asset was independently valued at €54.5 million as at Nov 13 by CBRE Valuations S.p.A. (commissioned by CEREIT), using the income capitalisation method.

The consideration is said to be approximately 3.5% below its independent valuation and about 33% below its estimated replacement cost.

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