Cromwell splashes €126m on European industrial/logistics
Cromwell Property Group has acquired six light industrial/logistics assets across Europe on behalf of Cromwell European REIT at a cost of €126.1 million.
The fully-let assets have a total GLA of 192,112 sq m and are located in Germany, Italy, the Netherlands and the UK.
They include a 63,221 sq m freehold, light industrial / logistics asset let to ABB, which lies 25 kilometres west of Milan. The site has scope for redevelopment for urban logistics use.
East of Milan in Brescia, Cromwell acquired the 44,644 sq m Bialetti Headquarters at Coccaglio (pictured left), which comprises two buildings with 44,644 sqm total lettable area on a 74,533 sqm site.
At Saalepark Jena, Germany, Cromwell has acquired an 18,887 sq m freehold asset comprising two buildings on a 23,328 sq m siten an established commercial area. The asset has 13 tenants who operate in life sciences, medical sector , industrial equipment, precision engineering and biotechnology.
The remaining assets include a 41,611 sq m asset freehold light industrial/logistics asset, in the north-east of England, a 15,111 sq m freehold logistics asset on the Dutch-German border, an 8,638 sq m warehouse at Tilburg, The Netherlands let to a shoe and fashion manufacturer.
“We continue to see considerable upside in the European light industrial / logistics sector, especially in assets like these with redevelopment and repositioning potential,” said Robert Cotterell, head of investments, Europe and head of UK at Cromwell Property Group.