Cromwell EREIT Management Pte. Ltd., the manager of Cromwell European Real Estate Investment Trust announced that it will be acquiring a portfolio comprising 11 logistics and light industrial properties in the Czech Republic and Slovakia for an aggregate purchase price of €113.2 million, on a net operating income yield of 6.7%. The seller is Arete Invest, acting on behalf of its sub-fund Arete Invest Podfond CEE II
The assets are almost 100% occupied by 17 predominantly logistics tenant-customers with a long WALE of 6.2 years. The properties span a gross lettable area of 125,435 sqm, have a weighted average age of eight years, and include ca. 140,700 sqm of land permitted for development
Mr. Simon Garing, CEO of Cromwell EREIT Management Pte. Ltd. said: “The acquisitions are in line with our stated strategy to increase CEREIT portfolio’s exposure to stable, relatively high-yielding logistics and light industrial assets. Together with the other light industrial / logistics acquisitions in 2020, we have added a total of €220.2 million in light industrial / logistics assets to CEREIT’s portfolio, all acquired off-market. We are pleased to welcome 17 largely multinational logistics, e-commerce and manufacturer tenant customers to our diverse tenant-customer roster. We’ve also further established CEREIT’s presence in Central Europe, specifically in the emerging markets of Czech Republic and Slovakia, which are expected to benefit from further integration with neighbouring Western European economies.”
