The assets are all light industrial/logistics properties: five in the Netherlands, five in France and two in Denmark. The properties total approximately 124,000 sqm of space.
The largest asset sold in France is Parc de l’Esplanade, a property which comprises 13 warehouse, office and light industrial buildings totalling 29,854 sqm of space within an industrial zone of 27 buildings. Parc de l’Esplanade is located in Saint-Thibault-des-Vignes.
Of the five assets that were sold in the Netherlands, the highest-valued asset is the Borhweg property in Spijkenisse, located just outside Rotterdam. The property comprises 40 light industrial units in two separate buildings with a net lettable area (“NLA”) of 7.289 sqm.
In Denmark, the largest of the two assets is the Hjulmagervej 3-19 property in Vejle, located in the Jutland Peninsula in Southern Denmark. The asset comprises nine warehouse/light industrial buildings. Each building consists of warehouse areas with associated offices. The total NLA of the property is 12.807 sqm.
The combined sales price of all the assets represents a premium of 15.2 percent to the original purchase price. Funds from the sales will be available for redeployment into new investments across Europe that better fit CEREIT’s risk-return profile.
Wouter Zwetsloot, Head of Real Estate Europe at Cromwell, said: “On the back of CEREIT’s divestment of Parc d’Osny in Osny, France, late last year, we are pleased to have been able to support CEREIT in this 12-asset portfolio disposal across three European countries. The sale consideration of €65.7 million represents a 4.1 percent premium over the valuation, and a 15.2 percent premium over their total respective purchase prices, demonstrating our on-the ground expertise in positioning assets and sourcing buyers.
“We continue to use our extensive local knowledge and experience in the European logistics/light industrial real estate market to look for opportunities as we execute Cromwell Property Group’s ‘invest-to-manage’ strategy”.
There are five light industrial/logistics Dutch Assets sold.
Antennestraat 46-76 is a light industrial development comprising two separate buildings built in 1992 with a combined NLA of 6,178 sqm. The main building is located at the Antennestraat and comprises a multi-tenant building with 13 units. The second building is located at the Televisieweg and comprises a multi-tenant building with six units.
Bohrweg Spijkenisse is a light industrial property that was built in 1995 and comprises 40 light industrial units in two separate buildings with an NLA of 7,289 sqm. One building has an I-shape and comprises units with similar floor plans. The second building has an L-shape and comprises of units with varying sizes.
Fahrenheitbaan is a light industrial, multi-let property divided into five units of light industrial and office accommodation with an NLA of 4,599 sqm. The property has a triangular shape, with a recessed frontage of 8.5 metres.
Harderwijkerstraat Deventer comprises two separate multi-tenant light industrial buildings with an NLA of 12,238 sqm.
Nieuwgraaf comprises nine industrial units in one rectangular shaped building with an NLA of 5,420 sqm. The building covers approximately 70% of the site, with the surrounding area used for site access, car parking and landscaping.
There are five light industrial/logistics French Assets sold.
Parc de la Chauvetière comprises two separate buildings constructed in 1977 with an NLA of 7,204 sqm. Building A is on the south and comprises six units, building B on the north comprises seven units. The property has a flat roof and the space is mainly light industrial with some accompanying offices.
Parc de l'Esplanade comprises 13 warehouse, office and light industrial buildings within an industrial zone with an NLA of 29,854 sqm.
Parc des Aqueducs consists of four multiple office and light industrial premises with an NLA of 7,341 sqm.
Parc des Mardelles is a light industrial/logistics property, fenced and gated with landscaped areas and trees on each side of the property with an NLA of 16,289 sqm.
Parc Jules Guesde is a single-building light industrial/logistics property on a site covering 0.9 hectares with an NLA of 5,332 sqm.
There are two light industrial/logistics Danish properties sold.
Hjulmagervej 3-19 consists of nine warehouse/light industrial buildings with an NLA of 12,807 sqm.
C.F. Tietgensvej 10 is a mixed-use asset with warehouse and office space spread over two floors with an NLA of 9,429 sqm.