These transactions, along with the divestment in Padova, Italy completed earlier in the year, will further reduce the REIT's exposure to the Italian government as a tenant from 20% when the REIT was listed back in 2017 to just 2.2% now.
Cromwell European Real Estate Investment Trust (CEREIT) has sold two office properties in Italy for EUR20.9 million ($29.6 million), which is at a blended 7.7% premium to the latest valuations. One of the divested offices is in Venice and the other is in Florence.
Proceeds from the divestments will be used to repay the revolving credit facility and also for other working capital needs.
