Carsted Rosenberg Advised Cromwell European REIT on Sale of 12 Assets across Europe
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.
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.
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.