Cromwell signs two leases in Germany

Cromwell Property Group has signed two leases totalling 9,625 sqm at Hochstraße 150-152 in Duisburg, Germany.

C.Steinweg, a company which specialises in providing logistical services for the commodity trade, has signed a lease on 4,261 sqm of predominantly industrial space.

Almatec Maschinenbau, a premium manufacturer of air-operated double-diaphragm (AODD) pumps, has signed a lease on 5,364 sqm of predominantly industrial space.

Located in southwest Duisburg, Hochstraße 150-152 is a single storey, multi-let industrial building situated in an established commercial business park close to the A40 motorway. Following these deals, the occupancy of the asset has now significantly increased.

Frederike Jansohn, Asset Manager at Cromwell said: "The letting of these final units at Hochstraße 150-152 has confirmed the success of our leasing strategy. Having an experienced team based in Germany enables us to effectively service existing tenants while we actively seek and secure new tenants. We are therefore pleased to have concluded these transactions with both parties being new occupiers.”

Hochstraße 150-152 is owned by Cromwell European Real Estate Investment Trust (“CEREIT”), a real estate investment trust with a portfolio of 75 properties used primarily for office, light industrial / logistics, and retail purposes, in Denmark, France, Germany, Italy, as well as the Netherlands. CEREIT’s portfolio has an aggregate lettable area of approximately 1.2 million sqm and has an appraised value of approximately €1,390 million as at 30 June 2018.