Singaporean real estate investment trust Cromwell European REIT plans to acquire three freehold logistics properties in France for 21.6 million euros ($24.6 million).
Under the terms of the deal, Cromwell E-Reit will acquire from investment firm CDPG Luxembourg all of the shares in Challenger DPG France SAS, which holds all three properties.
Cromwell said that the move will be funded with debt and equity from its $255.7 million, rights issue.
The three properties are located along the French logistics corridor, in areas Sully-sur-Loire, Villeneuve-lès-Béziers and Parcay-Meslay. With the investment, Cromwell intends to gain exposure to the Greater Paris logistics market.