Unknown funds advised by The Blackstone Group Inc. (NYSE:BX) agreed to acquire Portfolio of 12 Assets Located in France, Denmark and the Netherlands from a consortium of sellers for €65.7 million on December 16, 2019. The consortium includes Parc d'Activités 1 Luxembourg, PA Holdings Luxembourg S.à.r.l, PA France S.à r.l, Euroind Two C.V., Ehi Fund Denmark Aps managed by Cromwell European Real Estate Investment Trust, EHI Luxembourg S.à r.l., and EHI France 9 Villepinte SCI. The sales consideration, taking into account the agreed property sales price for the Dutch Assets and Danish Assets, and the agreed share value based on the net assets of the French companies is €36.1 million.

The transaction is subject to the satisfaction of certain conditions precedent in respect of certain of the assets in the Portfolio. The disposal is expected to be completed in the second half of February 2020. The estimated capital gains to be derived from the sale should be in excess of €5 million, increasing CEREIT's net asset value.

The sale proceeds will provide capital for accretive redeployment into more core assets to enhance CEREIT's distribution per unit and NAV per unit, and improve the overall risk-return profile of CEREIT's portfolio. Independent valuations conducted by Cushman & Wakefield Debenham Tie Leung Limited (in respect of the Dutch assets and the Danish assets) and Colliers International Valuation UK LLP (in respect of the French Assets) as at 30 June 2019.