Cromwell acquires 23 properties in five European countries

Cromwell European REIT has acquired 23 properties across five European countries for approximately €384 million ($435 million).

The acquisition comprises of 16 properties, primarily offices, in the Netherlands, Finland and Poland, two properties in Italy for €37.5 million ($42.4 million), and five properties in France for €34.4 million ($38.9 million).

Two properties are located in the Netherlands, 11 are in Finland, and three are in Poland, totaling 150,235 square meters (1.62 million square feet).

The two Italian properties comprise freehold office buildings, one each in the southern city of Bari and in the sixth-largest city of Genova, totaling 27,211 square meters (292, 897 square feet).

The Singapore REIT will seek to raise €224.1 million ($253.5 million) in an underwritten and renounceable rights issue to partially fund the purchases.

The acquisitions help the REIT’s growth “through a larger portfolio with increased geographical diversity, as well as more freehold and perpetual leasehold assets,” and it will increase “Cromwell E-REIT’s net property income, distributable income, and DPU [distribution per unit] yield,” it said in a press statement.