Cromwell European REIT property in Sangerhausen, Germany. (Photo: Cromwell European REIT)

Cromwell European REIT has completed the sale of twelve assets in France, Denmark and the Netherlands to The Blackstone Group.

The total sale price of the properties is approximately EUR65.7 million.

The total costs of the disposal are estimated to be approximately EUR0.7 million, including disposal fees for the REIT’s manager.

In addition to the disposal, Cromwell European REIT has also completed the acquisition of three light industrial and logistics assets in Germany under a sale and leaseback arrangement.

The total purchase cost of the German properties is approximately EUR40.9 million, including acquisition fees for the REIT’s manager.

Following the completion of these two transactions, the REIT’s portfolio now comprises 94 properties in Denmark, Finland, France, Germany, Italy, the Netherlands and Poland, valued at EUR2,075 million.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.