Cromwell EREIT Management, the manager of Cromwell European REIT (CEREIT), has entered into a sale and purchase agreement of a logistics asset in the Czech Republic with an affiliate company of CEREIT’s sponsor, Cromwell Property Group. The sales price was €10.2 million ($12.4 million).
“Since CEREIT’s listing, the manager has been working to diversify CEREIT’s sector exposure, geographical footprint and tenant-customer base,” said Simon Garing, CEO of the REIT’s manager. “The modern freehold logistics asset in Hradec Králové complements our recently completed acquisition of a portfolio of 11 modern light industrial/logistics assets in the attractive markets of the Czech Republic and Slovakia, for a total consideration of €113.2 million [$137.9 million]. This latest acquisition will further reinforce CEREIT’s presence in those markets.”
A freehold single-story logistics building with a two-story office section, the Czech asset spans 8,382 square
