Cromwell European Real Estate Investment Trust (Cromwell E-Reit) has completed its acquisition of three office properties in the sector of Greater Paris, France, which comes to about $90.11 million in total, Business Times SG reported through information from sources close to the transaction. It was through two direct acquisitions of different assets.

The two assets were the Lenine asset and the shares of two companies, who hold the Paryseine and the Cap Mermoz assets. It was only last month when the Reit manager said that these three French acquisitions, along with three other acquisitions in Poland, were received for a total purchase price of $277 million.

The Parysein and Lenine assets were designated freehold, majority-office properties in France. They have a total of 23,066 sq m of net lettable floor area with a 10,024 sq m three-level warehouse. They are in the Ivry-sur-Seine office district, an area which is also home to several headquarters of larger companies. The Cap Mermoz asset, meanwhile, is a 10,720 sq m freehold office property and is 17 minutes away from the Paris central business district.

In other areas, the CapitaLand Commercial Trust (CCT) successfully completed a book-building process, raising $161.7 million in proceeds for its private placement exercise. The private placement units were acquired through strong demand from new and existing institutional, accredited, and other investors, Deal Street Asia reported.

It indicated that the world of asset acquisition was doing well, despite any economic downturn. The private placement of the units was priced at an earlier $1.50 to $1.55 per unit for a total of 105.01 million units. The final pricing terms have come to a total of $1.54 per new unit.

The Cromwell acquisition was bought for $90.11 million, where it was made up of purchase consideration of $85.72 million, an acquisition fee made payable to the REIT manager totaling around $897,544, the real estate tax that totaled $785,351, and $2.69 million in miscellaneous fees related to the transactions.

This private placement of 326.1 million units in the Cromwell E-REIT managed to raise around $168.29 million in gross proceeds. About $80.11 million or 47.6 percent of the proceeds have been used to fund the France acquisitions.

The three Poland acquisitions, meanwhile, remained in negotiations. These new Polish properties comprise of two office properties located in Krakow, while one was located in Poznan. Key tenants in the area include BGZ BNP Paribals, Motorola Solutions Systems, GSK, UBS Krakow, CapGemini, the MAN Group, and the Santander Group.

Units of the Cromwell E-REIT traded at 55.54 cents, down 1 percent, as the trade went down.