Post-acquisition, CEREIT’s light industrial and logistics portfolio weighting grows to 41%, in line with the manager’s stated strategy to pivot to a 50% weighing of this sector.
The acquisitions have been funded from part of the proceeds of CEREIT’s $100 million inaugural perpetual securities issue in November.
The three properties - one in the UK and two in the Netherlands - span a total of 65,360 sq m total floor area and are fully let on long-term single leases. The assets have a blended weighted average lease expiry of nearly 8 years to tenant-customers comprising global lighting solution supplier Thorn Lighting, e-retailer Kleertjes.com, and fashion company Agile.
The UK asset, Thorn, is a freehold property located in Durham, North England. Built in 2008, the property sits on a 135,820 sq m site and consists of two buildings with a total lettable area of 41,611 sq m.
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The two assets in the Netherlands are located in ‘s-Heerenberg and Tilburg respectively. The ‘s-Heerenberg property has a total floor area of 15,111 sqm and a site area of 21,913 sqm, while the Tilburg property has total floor area of 8,638 sqm and a site area of 14,139 sqm. Both assets are freehold properties.
The two Dutch acquisitions are CEREIT’s first in this market post-IPO, expanding its logistics portfolio in the Netherlands.
According to the manager, the acquisitions are not expected to have any material effect on CEREIT’s net tangible assets.
As at 9.06am, units in CEREIT are up 3 cents or 0.77% higher at $3.91.
Photo of Tilburg logistics asset: Cromwell European REIT
