Arkonska Business Park, a mainly office property that has been acquired by Cromwell European REIT. (Photo: Google Maps)

Cromwell European REIT (CEREIT) has received approval from its unitholders to proceed with the acquisition of 23 properties for a total purchase consideration of EUR384 million (USD435 million).

The approval was obtained by the REIT in a resolution passed at an extraordinary general meeting (EGM) on 15 November, which cleared the acquisition for 16 of the 23 properties that are currently being managed by a subsidiary of the REIT's sponsor.

The acquisition comprises of 16 properties in the Netherlands, Finland and Poland, two properties in Italy, and five properties in France.

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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.