CEREIT acquires two office properties in Italy for €37m

Cromwell European Real Estate Investment Trust (CEREIT) has acquired two freehold office properties leased to a state-owned entity in Italy for €37.5 mln.

The properties will be managed by CEREIT’s sponsor, Cromwell Property Group, through its integrated European investment asset management platform.

Located in Bari, the second-most important economic centre of southern Italy, and Genova, the capital of the Liguria region, both properties are fully let on master leases to Agenzia del Demanio, the organisation responsible for managing the real estate assets of the Italian state.

With a net lettable area of 11,674 m2, the Bari asset is occupied by organisations such as the National Institute for Insurance against Workplace Accidents and the Italian Ministry of Labour and Social Policies.

The Genova asset comprises 15,537 m2 of net lettable space. Occupiers include public administration organisations such as the Agency of Revenue, the Ministry of Infrastructure and Transports, the Court of Accounts and the State Attorney’s offices.

Lorenzo Caroleo, head of Italy for Cromwell Property Group in Europe, commented: 'The acquisition complements the portfolio we already manage for CEREIT in Italy, contributing additional secure and stable income, while offering greater geographic diversification. Together with the asset in Ivrea, we have acquired three Italian assets for CEREIT in 2018. In less than a year, the Italian portfolio has grown to over €450 mln in terms of appraised value.'

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