Cromwell Officially Sells Piazza Affari 2

News about Cromwell European REIT

Cromwell European REIT signs the sale of Piazza Affari 2 for 93.6 million Euros. The transaction will reduce the gearing of the trust by 2.1 points to 37.2% on a pro-forma basis as at 31 December 2022, and should increase DPU due to lower financing cost.

The Manager’s Chief Executive Officer Mr. Simon Garing said, "I am pleased to announce the simultaneous signing and completion of the sale of this Grade A Milan office asset for €93.6 million at a €11.9 million or 14.6% premium to the 2017 purchase price and €200,000 above the recent June 2023 valuation."

Cromwell European REIT
Price1.460 EUR
NAV2.120 EUR
Yield (4 quarters)10.75%
Gearing38.4%