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Cromwell is acquiring an office building in Italy for 16.9 billion

25 April, Re Quadro

Cromwell European Reit is negotiating the acquisition of an office building 16.9 billion worth. According to the website The Business Times, the manager of the company declared that Perpetual, the Reit trust fund, concluded a preliminary agreement with Savills Investment Management Sgr for the purchase of the building.

The property is currently part of the fund C3 Investment Fund managed by Savills and 100% owned by Cerberus Sicav. Moreover, the agreement implies the possibility for Cromwell to pay to Cerberus an additional price up to 652 thousand in case of certain conditions which were not disclosed.

Cromwell is intending to fund the acquisition through a combination of bank funding by Banca Imi and an unsecured revolving credit line for 75 million euro granted by Ing Bank.

The building has a net surface of 17,990 Sq m and the occupancy rate is 100%, declared Cromwell. The tenants are Vodafone Italia and La Direzione del Benessere, a fitness and wellness centre. The weighted average lease duration calculated on 23rd April 2018 is over five years.

The acquisition might be concluded by the end of June.

Source: Re Quadro

Translator: Cristina Ambrosi

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