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Together with lead counsel Clifford Chance, Paris, Carsted Rosenberg Advokatfirma advised Cromwell European Real Estate Investment Trust (CEREIT) on the sale of 12 assets in France, Denmark and the Netherlands for EUR 65.7 million to funds advised by affiliates of The Blackstone Group Inc.
Together with lead counsel Clifford Chance, Paris, Carsted Rosenberg Advokatfirma advised Cromwell European REIT (CEREIT) on the sale of 12 assets in France, Denmark and the Netherlands for EUR 65.7 million to funds advised by affiliates of The Blackstone Group Inc. The properties had been managed on behalf of CEREIT by its sponsor, Cromwell Property Group (Cromwell), through Cromwell’s integrated European investment management platform. 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.
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. CERET was advised by lead counsel Clifford Chance, Paris together with Clifford Chance Amsterdam, Clifford Chance Luxembourg and Carsted Rosenberg Advokatfirma. The purchaser was advised by Simpson Thacher Bartlett, London, DLA Piper, Paris, Loyens & Loeff, Amsterdam and Bech-Bruun Advokatfirma.
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”.
Cromwell European REIT is a real estate investment trust (REIT) with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of income-producing real estate assets in Europe that are used primarily for office, light industrial / logistics, and retail purposes. With a portfolio of 103 properties as at the date of this announcement, in or close to major gateway cities in Denmark, Finland, France, Germany, Italy, the Netherlands as well as Poland, and a balanced focus on the office and light industrial / logistics sectors, it is also the first REIT with a diversified Pan-European portfolio to be listed on the Singapore Stock Exchange (SGX-ST). It was listed on the SGX-ST with Goldman Sachs (Singapore) Pte. and UBS AG, Singapore Branch acting as the joint issue managers for the IPO.
The Blackstone Group is a leading alternative investment management company headquartered in New York. The Blackstone Group's private equity business has been one of the largest investors in leveraged buy-outs in the past decades, while the Blackstone Group is recognised a global leader in real estate investments with USD 196 billion investor capital under management and a USD 368 billion value of the global real estate portfolio. Both Blackstone and funds advised by the Blackstone Group have actively acquired commercial real estate on a global scale, including in Denmark.
FURTHER INFORMATION AND EXPERTISE
Carsted Rosenberg has acted as adviser on Danish Real Estate law on a number of real estate finance and M&A transactions, including:
Advising Greenland Spring Water Group on the long-term lease of commercial real estate on Greenland.
Advising Q Group on a BRL term loan facility provided to its Brazilian real estate subsidiary by Banco Santander.
Advising a German Landesbank as senior lender on the insolvency of a Danish real estate borrower in relation to a German real estate portfolio.
Acting for the issuer in relation to the listing of a German real estate company on the London Stock Exchange with lead counsel.
Advising the Danish issuer in relation to a prospective real-estate bond to be issued on the Frankfurt Stock Exchange open market (Freiverkehr).
For further information on Danish real estate law, please consult our publications or contact Michael Carsted Rosenberg or Andreas Tamasauskas at Carsted Rosenberg.