Cromwell E-Reit bags three large leases in France, Poland and Denmark

CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) has obtained three large leases - one renewal in France, another renewal in Poland and a new lease in Denmark.

The three large leases span over 25,000 square metres (sq m) of office and light industrial/logistics space, the manager said on Friday in a bourse filing.

The largest of the three leases is for a 15,444 sq m light industrial/logistics space in the Reit's Parc de Popey asset, leased to a major postal service and logistics company largely owned by the French government.

The tenant-customer renewed its lease at the asset, which is located in Bar-le-Duc, the centre of the Grand Est region in eastern France.

In Poland, UBS Krakow extended its lease for a 5,000 sq m office space for the Green Office asset until 2026. The asset is located in the Krakowski Park Technologiczny Special Economic Zone, a leading office location for technology companies in Krakow, the second-largest city and largest regional office market in Poland, the manager said.

Meanwhile, Cromwell E-Reit signed a 5,314 sq m lease for four years with new tenant-customer Hverdag.dk at Priorparken 800 in Denmark. Hverdag.dk is an e-commerce business with an AA credit, the manager said. The light industrial/logistics asset is located in Brondby and 1.5 kilometres from the Glostrup city centre.

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For the first half of the year ended June 30, 2020, Cromwell E-Reit obtained 81 new and renewed leases spanning 43,484 sq m of space. It maintained portfolio occupancy at 94.7 per cent.

On a segmented basis, the Reit signed 32 leases for office space and 49 leases for light industrial/logistics space.

Units of Cromwell E-Reit were trading flat at 45.5 euro cents on Friday as at 10.53am, after the announcement.