Cromwell European REIT's target acquisition, Via Jervis 13. (Photo: Google Maps)

Cromwell European REIT has entered into a sale and purchase agreement with an Italian investment company to acquire the property at 13 Via Jervis, Ivrea, Italy for EUR16.9 million (USD20.6 million).

The freehold property is an office building with a net lettable area of 17,990 square metres.

It was originally built in 1955 and has been refurbished over the years, with the most recent refurbishment still in process.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.