Cromwell REIT Acquires 11 Properties in Finland
Finland Cromwell REIT has acquired 11 properties in Finland as part of a 23 property European portfolio.
The New Properties comprise predominantly office properties, with two located in the Netherlands, 11 located in Finland, and three located in Poland. They are situated on either freehold or freehold-equivalent land in dynamic cities and benefit from very good accessibility to major transport infrastructure, including key airports, railway and train stations, as well as motorways. Collectively, the New Properties have an aggregate net lettable floor area (“LFA”) amounting to approximately 150,235 sqm and an average occupancy rate that stands at approximately 84.5 percent, with a 4.7-year weighted average lease expiry (“WALE”) as at 31 August 2018.
The acquisitions will provide CEREIT with access to the attractive office markets in Finland and Poland, both of which are experiencing robust growth, while strengthening its positions in the Dutch and Italian office markets as well as the French logistics market.