Cromwell European Real Estate Investment Trust (“CEREIT”) has acquired two office properties in the Netherlands for €127.6 million. The properties will be managed by CEREIT’s sponsor, Cromwell Property Group, through its integrated European investment asset management platform.
Moeder Teresalaan 100-200 is an office building located in the city centre of Utrecht, close to the central business district and two tram stops from Utrecht Central station. It has a lettable floor area (“LFA”) of 21,922 sqm and is currently 86% let to a single occupier.
Willemsplein 2 is a predominantly office building located in the Paleiskwartier central business district of Den Bosch, one of the main office districts outside of the Randstad conurbation. The building has an LFA of 31,979 sqm and is currently 98% let to three occupiers.
Wouter Zwetsloot, Head of Benelux at Cromwell Property Group in Europe, commented: “These are both good quality, well-located assets with excellent rental income upside, positioning CEREIT for long-term sustainable growth.”