Cromwell EREIT Management Pte. Ltd., the manager (the Manager) of Cromwell European Real Estate Investment Trust (Cromwell European REIT or CEREIT), has largely completed the Nervesa21 office development in Milan, Italy and signed three major tenant-customers for c. 70% of the space, including the previously announced anchor tenant Universal Music Group. Nervesa21 is 70% pre-let and largely completed with only minor basement and garden landscape works to complete, with tenant-customers commencing fit-out works.

The remaining space is now available for lease, with strong interest being shown by prospective new businesses attracted to the "oasis" amongst the bustling Milan city. This successful execution is a "proof-of-concept" that occupiers are increasingly ESG- conscious, focusing primarily on the best quality space with modern staff facilities, good access to public transport and parking and high energy efficiency. Office buildings with these combined features are in undersupply in Europe, as reflected by the approximate 3% vacancy in Grade A buildings in CEREIT's key cities.

Nervesa21 was re-configured to offer 14 modern floors, a modular flexible layout, premium amenities, two rooftop terraces and four panoramic elevators. Universal Music Group, a world leader in music-based entertainment with a market capitalisation of over 40 billion and over 8,000 employees, pre-leased eight floors a year before completion. Scalapay, the first Italian "unicorn" and one of the biggest European BNPL ("buy now, pay later") providers, signed a pre-lease for two floors.

Edelman, an award-winning global communications consultancy firm with over a USD billion in revenues and more than 6,000 employees globally, pre-leased one floor. Only three floors, or 30% of the space, are still available to let and are now being actively marketed post the completion of the on-site construction activities. Developed with a strong focus on ESG, the redevelopment includes 5,300 sqm of external green garden leisure space, end-of-trip bicycle facilities, 230 parking spaces, some of which will have electric vehicle charging stations and will be powered by a combination of on-site renewable energy from solar panels and energy sourced from 100% renewable energy suppliers.

Up to 50% of the façade is composed of low-carbon glass that, its integrated value chain, is expected to achieve up to 40% reduction of the embodied carbon footprint of the glass. Upon completion, the redevelopment is expected to attain LEED Platinum and WELL Gold certifications, making it one of the most advanced Grade-A offices in terms of ESG and energy efficiency, reducing energy consumption by up to 40% compared to similar buildings. Nervesa21 is strategically located in the Porta Romana district of Milan, south-east of Milan's city center.

The asset is near Corso Lodi and has direct access to the A1 highway, the Linate Airport and the Central Station.