Cromwell sells 12 assets across Western Europe for €65m
Cromwell European Real Estate Investment Trust has completed the sale of 12 assets in France, Denmark and the Netherlands for €65.7 million ($70.98 million) to funds advised by affiliates of Blackstone Group.
The properties had been managed on behalf of CEREIT by its sponsor, Cromwell Property Group, through Cromwell’s integrated European investment management platform. The assets are all light industrial/logistics properties: five in the Netherlands, five in France and two in Denmark. The properties total approximately 124,000 square meters (1.3 million square feet) of space. The largest asset sold in France is Parc de l’Esplanade, a property that comprises 13 warehouse, office and light industrial buildings totaling 29,854 square meters (321,346 square feet) of space within an industrial zone of 27 buildings. Parc de l’Esplanade is located in Saint-Thib