Cromwell E-Reit buying 3 German freehold industrial assets for 38m euros

CROMWELL European Real Estate Investment Trust is acquiring a portfolio of three freehold light industrial/logistics assets in Germany for a purchase price of 38 million euros , the manager said in a regulatory update on Friday.

The Reit had entered into a purchase agreement and lease agreements with subsidiaries of Felss Group GmbH on Thursday to acquire the portfolio under a sale and leaseback arrangement. The total cost of the acquisition is estimated at 40.9 million euros, comprising the 38 million euro purchase price, the acquisition fee payable to the manager in cash, and professional and other fees and expenses. It will be funded by drawing on the Reit's revolving credit facility.

The purchase price is 4 per cent below the independent valuation of the portfolio, and below estimated replacement costs, the manager said.

Source: News Formal (newsformal.com)

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