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Cromwell E-Reit completes 19m euro divestment of French industrial property

CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) said on Monday that it had on Oct 18 completed the divestment of its Parc d’Osny property in France for 19 million euros (S$28.9 million).

Parc d’Osny, which was sold to Arc Eiffel Investissement, is a light industrial property located at 9, chaussée Jules César, ZAC des Beaux Soleils, 95520 Osny.

The sale price was 2.2 million euros or 13.1 per cent higher than the most recent valuation of the property by Colliers International Valuation UK at June 30.

Cromwell E-Reit said the sale of Parc d’Osny is consistent with the manager’s strategy of disposing non-core assets which are not strategic or where the risk return profile no longer fits the Reit’s key objectives.

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This is to provide unitholders with regular and stable distributions and to achieve long-term growth in DPU and NAV per unit. The sale of Parc d’Osny was announced in August this year during the second quarter.

Cromwell E-Reit units were trading at 50 euro cents as at 10.38am, down 0.5 cent or one per cent.