Singapore-based Cromwell European Real Estate Investment Trust (Cromwell E-Reit) plans to acquire six European freehold office properties, three in France and three in Poland.
French properties include three offices located in or near major business districts, such as Ivry-sur-Seine, La Défense and Charles de Gaulle Étoile whereas the Polish assets comprise two offices in Kraków and office property in Poznań.
Together, the six properties are valued at $280.3 million and have a total purchase price of $279 million, which translates to $2,528.82 per square metre including land value.
The acquisition is expected to strengthen Cromwell E-Reit's portfolio and boost its property portfolio from 97 properties with an appraised value of $2 billion, to 103 properties with an appraised value of around $2.3 billion.