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Cromwell E-Reit subsidiary secures 124.8m euro note issuance debt facility

CROMWELL European Real Estate Investment Trust's (Cromwell E-Reit) subsidiary, Cromwell EReit Lux Finco Sarl, has entered into a 124.8 million euro (S$193.9 million) note issuance agreement with ING Bank NV and Credit Agricole Corporate and Investment Bank.

The note issuance facility comprises a 104.5 million euro facility and a 87 million zloty (S$31.2 million) facility to fund value-added tax payment in relation to the acquisition of a property in Poznan, Poland until it is recovered from Polish tax authorities, the Reit's manager said.

TheĀ Poznan property is part of six European office properties that Cromwell E-Reit said in June it would buy forĀ 246.9m euros.

ING and Credit Agricole are arrangers, bookrunners and original note purchasers, while ING is also agent for the debt facility.

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Cromwell E-Reit's units were unchanged at 48.5 euro cents as at 11.56am.