Cromwell European REIT (CEREIT) has secured three large leases spanning over 25,000 square metres of office and light industrial and logistics spaces across France, Poland and Denmark on Oct 30.
These comprise renewals and new leases to well-established multinational and domestic corporations.
The largest of the three leases is for a 15,444 sqm light industrial and logistics space in the Parc de Popey asset leased to a major postal service and logistics company which is largely owned by the French government.
The tenant-customer renewed its lease for a 3/6/9 lease structure at the asset, which is located in Bar le Duc, the centre of the Grand Est Region in eastern France.
In Poland, UBS Kraków has extended its lease for a 5,000 sqm office space in the Green Office Asset until 2026.
The space is located in the ‘Krakowski Park Technologiczny’ Special Economic Zone, a leading office location for technology companies in Kraków.
The REIT also signed a 5,314 sq m lease for four years with a new tenant-customer, Hverdag.dk, a fast-growing e-commerce business with an AA credit, at Priorparken 800 in Denmark.
In 1HFY2020 ended June, CEREIT secured 81 new and renewed leases spanning 43,484 sqm of space, achieving a +6.4% blended rent reversion rate and maintaining portfolio occupancy at 94.7%.
“The three major renewals and new leases build on CEREIT’s leasing momentum in 1HFY2020 and are just some of the highlights of the continued active leasing activity in 3QFY2020. Cromwell Property Group’s pan-European on-the-ground teams have been able to operate effectively even amid the ongoing COVID-19 pandemic and we are encouraged by the local teams’ successes in securing recurring cashflows from the three assets for the next few years,” says Simon Garing, CEO of the manager.
Units in Cromwell European REIT closed flat at 45.5 Euro cents on Oct 29.
See also: Cromwell European REIT partners Stratus Data Centres to co-invest in European data centres
