Cromwell Property Group has, on behalf of Cromwell European REIT (CEREIT), completed the acquisition of a portfolio of 11 logistics and light industrial properties in the Czech Republic and Slovakia for an aggregate purchase price of €113.2 million ($134.6 million).
CEREIT’s acquisition is one of the largest deals of its type in the region and grows Cromwell’s real estate platform in Central and Eastern Europe, specifically in the Czech Republic and Slovakia. Both markets are expected to benefit from further integration with neighboring Western European economies, with forecast GDP growth of 4.0 percent in the Czech Republic and 5.3 percent in Slovakia in the next year.
Simon Garing, CEO of the manager of CEREIT, said, “Our current focus is on increasing our weighting toward the logistics and light industrial sector, and this acquisition takes us to 38 percent. Importantly, CEREIT now also has a presence in two new attractive high-growth markets.”
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