As part of the transaction, Cromwell is also selling the REIT manager and the property manager of the REIT. The transactions have been completed.
Cromwell European Real Estate Investment Trust (CEREIT) will be renamed Stoneweg European REIT (SERT) with effect from Jan 2, following a change in the ownership of its sponsor and substantial unitholder.
Back in May 23, Icona Capital, an alternative investment group, and real estate investment group Stoneweg, announced they are paying Cromwell Property Group €280 million to take over its 27.9% stake in the REIT.
