Cromwell E-Reit buys asset in Germany for 16.6m euros

Singapore

CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) is buying a light industrial/logistics asset in Germany for 16.6 million euros (S$25.4 million). The acquisition will take its German exposure to 6.5 per cent, up from 5.7 per cent as at end-December.

Located in Sangerhausen, a town in central Germany, the property was built in 2017 and can be repositioned for a multi-tenanted strategy if required, Cromwell E-Reit's manager said in an announcement on Friday. The asset has 30,557 square metres (sq m) of net lettable area, which includes 28,060 sq m of warehouse space and 2,315 sq m of office space. It sits on a site spanning about 79,000 sq m.