Cromwell European Reit to divest Bari asset in Italy

CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) is divesting its asset in Bari, Italy, located at Viale Europa 95, said the manager on Thursday (Jun 15).

This comes a week after the Reit confirmed that it was in advanced negotiations to sell Piazza Affari 2, its office asset in Milan, Italy.

The Reit manager has declined to provide the selling price.

The manager said that the proposed divestment of the Bari asset is in line with its strategy to divest non-core and non-strategic assets within the Reit’s portfolio over the next two to three years.

It added that no definitive agreement has been reached, and there is no certainty or assurance that any transaction would materialise.

Freehold asset Viale Europa 95 was acquired on Nov 30, 2017. It spans 123,261 square metres and was built to accommodate the Military Academy of the Tax Police.

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Built in the early 2000s, the complex consists of 11 buildings with uses ranging from basement car parking areas to a large parade ground.

The Bari asset had a valuation of 73.3 million euros (S$106.5 million) as at Dec 31, 2022.

Units of Cromwell E-Reit were trading 0.6 per cent or 0.01 euros higher at 1.59 euros as at 1 pm on Thursday.