• Transaction / Assets
    12 logistics and commercial assets
  • Seller
    Cromwell European Real Estate Investment Trust (Cereit)
  • Buyer
    Blackstone
  • € MM
    65.7

Cereit Sells Logistics and Commercial Assets in France, the Netherlands and Denmark to Blackstone

25 March 2020 – Brainsre.news

The portfolio includes five assets in France, two in Denmark and another five in the Netherlands, which together span 124,000 m2.

Cromwell European Real Estate Investment Trust (Cereit) has sold 12 logistics and commercial assets to various subsidiary funds of Blackstone for €65.7 million. The portfolio includes five assets in France, two in Denmark and another five in the Netherlands, which together span 124,000 m2. In parallel, it has acquired three properties in Germany, also in the logistics sector.

Wouter Zwetsloot, Director of Real Estate Europe at Cromwell, explained in a statement that “the transaction price, which amounts to €65.7 million, represents a premium of 4.1% over the valuation of the assets, and a premium of 15.2% over their respective total purchase prices, demonstrating our experience of positioning assets and finding buyers in this field. ”

Original Story: Brainsre.news

Translation/Summary: Carmel Drake

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