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Cromwell Property Group acquires three prime office assets for €205 million for CECI Fund

Cromwell Property Group and Valad Europe, Cromwell's European wholesale funds business, have launched the Cromwell European Cities Income Fund (CECIF) after securing commitments from institutional investors including PFA Pension and the acquisition of a €205 million seed portfolio comprising three Dutch assets. With an initial investment target of €2 billion in gross asset value CECIF is a long-term, open-ended core fund targeting income returns of more than 5% and a total return of 8% from assets located in key selected European cities.The fund will invest predominantly in retail and leisure, industrial, office and some specialist property sectors in the 29 locations identified by Cromwell's research team as cities with long-term renta...[…]