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Cromwell European REIT to take on 27 European properties

Alex Hayes 06 November 2018

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Cromwell European REIT to take on 27 European properties
Arkońska Business Park was developed by Torus
EUROPE Singapore-based Cromwell European REIT has announced it is acquiring 27 properties across Europe.

The acquisition includes 16 office assets in the Netherlands, Finland and Poland for EUR 312.5 mln. The three Polish properties are the Riverside (with a purchase price of EUR 31.3 mln) and Grójecka 5 (EUR 22.3 mln) buildings in Warsaw as well as Arkońska Business Park (EUR 18.2 mln) in Gdańsk, which are currently owned by companies associated Cromwell Property Group. The REIT is also to acquire seven office, logistics and retail assets in Italy and France for a total of EUR 71.9 mln. The purchases are to be financed through a rights issue worth up to EUR 224.1 mln as well as debt. Cromwell Property Group, which holds a 35.3 pct stake in the REIT, has also announced that it will be investing up to its full pro rata entitlement in the issue. The proposed acquisition and rights issue are subject to approval of the unitholders of the REIT at an Extraordinary General Meeting to be held on November 15th 2018.


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