The manager of Cromwell European REIT has completed the divestment of a logistics park in Bois du Tambour, France on Dec 9.
The park was divested for EUR11.0 million ($15.7 million), which is a 55% premium to the park’s latest valuation. The park was independently valued at EUR7.1 million as at June 30.
The divestment was announced by the REIT manager in September. Two other assets in Germany were also proposed to be divested at around the same time.
“Our local Cromwell asset management team have added substantial value considering CEREIT’s purchase price was only EUR2.0 million in 2017,” says Simon Garing, CEO of the REIT manager.
Bois du Tambour comprises five main separate structures housing a mix of light industrial and warehouse space as well as associated offices. The place was constructed between 1980 and 1982 and is located 355km from the French capital, Paris.
A divestment fee of EUR0.6 million, which is 0.5% of the sale consideration, is payable to the REIT manager. This is in accordance to the trust deed that constitutes the REIT.
See also: CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
Units in Cromwell European REIT closed 1 Euro cent higher or 0.64% up at EUR1.57 on Dec 9.
