Cromwell REIT Makes Acquisitions and Raises Capital

News about Cromwell European REIT

Cromwell REIT is announcing a large acquisition of 3 different European properties portfolio for 384.4 € millions, and raising fresh capital with a new rights issue.

The trust is planning to acquire:

  • A portfolio of 16 mostly office properties in the Netherlands, Finland and Poland for a total of 312.5 € millions, with a net initial yield of 6.2%
  • A group of 4 French logistics properties in the greater Paris area, for 34.4 € million, with an initial net yield of 8.5%
  • 2 office properties in Italy, for a price of 37.5 € million, with a net initial yield of 7.4%

Financing will be done through debt and a public rights issue of 224.1 € million, with 38 new units for 100 units held at 0.373 € per new unit.

Unit holders will get to vote on the plan at an EGM organized on November 15.

Cromwell European REIT
Price1.480 EUR
NAV2.080 EUR
Yield (4 quarters)10.60%