Real estate investor and manager Cromwell Property Group (Cromwell) has sold an urban distribution park located in Lisses, 30km South of Paris to Valor Real Estate Partners (Valor). This asset benefits from an excellent accessibility and a high occupancy rate. The property offers 16,100 sqm spread over four buildings that were delivered in 2007. With this transaction, Cromwell concludes the last sale of a portfolio of nine assets acquired for the same investor.
Diego Roux, Head of Acquisition and Disposals in France, at Cromwell Property Group, commented: “This disposal offers our investor excellent returns and represents a real success for the French team of Cromwell Property Group. It demonstrates our ability to create value through active asset management initiatives which allowed us to significantly improve the tenancy schedule of this property.”
Cromwell was advised by Screeb (notary) and Kramer Levin Naftalis & Frankel LLP (financing, tax & structuring).