They are with new and existing tenants across its logistics and office portfolios in the Netherlands, UK, Germany and Denmark
CROMWELL European Real Estate Investment Trust (Cromwell E-Reit)‘s manager said it signed or renewed five leases in the fourth quarter of this year, totalling more than 78,000 square metres (sq m).
On Wednesday (Dec 18), it said the signings place the Reit on track to keeping its portfolio occupancy rate at above 93 per cent for fiscal 2024.
They also build on the Reit’s tenant retention rate of more than 70 per cent set in the third quarter, with a diversified tenant roster of more than 800 companies.
The leases are with new and existing tenants across its logistics and office portfolios in the Netherlands, UK, Germany and Denmark.
Simon Garing, chief executive of the manager, said the signings validate the Reit’s pivot to logistics as four of the five leases were secured at logistics assets.
The lease for the biggest area signed was with Thorn Lighting in the UK. It signed a tenancy extension for its existing 41,610 sq m lease from 2029 onwards, giving the Reit a remaining lease term of more than 15 years from June 2024.
As part of the lease agreement, Cromwell will build a new adjacent warehouse on its existing land. This will expand the property by about 5,157 sq m or 12.4 per cent of the built area.
Cromwell will also add rooftop solar panels to the property in early 2025 for Thorn to operate with renewable energy.
Its units closed Tuesday 0.01 euro or 0.6 per cent lower at 1.58 euros.
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