Cromwell European REIT to buy 11 CEE properties for €113m
Cromwell European Real Estate Investment Trust (CEREIT) has proposed to buy 11 logistics and light industrial properties in Slovakia and the Czech Republic for €113.2 million ($137.6 million).
They are modern institutional-grade freehold properties, almost 100 percent occupied by 17 predominantly logistics tenant-customers.
The Czech Republic and Slovakia boast high GDP growth figures, with Oxford Economics forecasting real GDP growth of 4 percent in the Czech Republic and 5.3 percent in Slovakia next year, driven by high levels of industrial production forecast at 8.3 percent and 9.3 percent, respectively.
Simon Garing, CEO of the manager, said: “The acquisitions are in line with the manager’s 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, the manager has added a total of €220.2 million [$267.6 mi