Cromwell E-Reit to buy six French and Polish office properties for 246.9m euros

It will issue new units via an oversubscribed and upsized private placement to raise gross proceeds of 150m euros

Fiona Lam

Published Fri, Jun 21, 2019 · 09:50 PM

Singapore

CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) will buy six European freehold office properties - three in France and three in Poland - for 246.9 million euros (S$378.2 million), to be financed with a mix of debt and equity via a private placement.

The acquisitions will strengthen the Reit's portfolio, its manager said on Friday morning.

For illustrative purposes, the manager also said the acquisitions are expected to increase the Reit's 12-month distribution per unit (DPU) for calendar 2018 from 3.75 euro cents to 3.99 euro cents.

Based on the independent valuation of e…

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