Cromwell Property Group divests its entire CEREIT stake to Stoneweg

It sold 156,233,700 units at €1.52 per unit.

Cromwell European REIT (CEREIT) announced that its sponsor, Cromwell Property Group (Cromwell), has divested its entire stake in the company to Stoneweg Global Platform SCSp.

Cromwell sold its 156,233,700 units in CEREIT at €1.52 ($2.22) per unit.

Apart from the 27.79% stake in CEREIT, Cromwell also divested its 100% stake in the Singapore Manager of CEREIT, 100% stake in Cromwell European Holdings Limited, and other associated co-investments to Stoneweg.

The total consideration for the divestments is €280m ($409.4m).

CEREIT said the divestment will not affect its independent directors and management team.

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