Stoneweg has entered into a binding agreement with Cromwell Property Group to acquire Cromwell’s European fund management platform and associated co-investments, which totals €3.9 billion ($4.2 billion) of real estate assets under management, for a total consideration of €280 million ($303 million), subject to closing adjustments and regulatory approvals.
Under the terms of the transaction, Stoneweg is acquiring Cromwell’s:
100 percent interest in Cromwell Europe Ltd.
8 percent unitholding in CEREIT, a REIT listed in Singapore with a €2.2 billion ($2.4 billion) portfolio
100 percent interest in the Singapore-based manager of CEREIT
50 percent interest in the Cromwell Urban Italy Logistics Fund
In total, across a mix of core, core-plus and value-added funds and mandates, Cromwell’s European platform comprises more than 160 assets and 1,600 tenants, with 14 local offices in 12 European countries.
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