Cromwell European REIT CWBU has announced that it will be divesting its asset, Viale Europa 95, located in Bari, Italy.
The property is a large complex that was built specifically to accommodate the military academy of the tax police. The complex was built between 2000 and 2001 and consists of 11 buildings with different uses. It has a total floor area of 123,261 sqm.
On June 15, the REIT manager said that it had entered into a conditional contratto di vendita, also known as a notorial deed, with the tax police on behalf of the Italian state property, to divest the asset.
The divestment is subject to several conditions including approval from the Court of Auditors and the Central Budget Office at the Ministry of Economy and Finance.
No figures were released.
As at 3.24pm, units in Cromwell European REIT are trading 1 Euro cent higher or 0.63% up at EUR1.59.
