Le mie ricette per la real estate communityReal estate investor and fund manager Cromwell Property Group has entered into a binding agreement to create a joint venture with Hong Kong-based asset manager Value Partners Group, exchanging on the sale of a 50% stake in the Cromwell Italy Urban Logistics Fund assets. The seven properties that make up the Fund are 100% leased to DHL (Parent Company Deutsche Post DHL Group) and situated in seven prime logistics submarkets in Italy.
Settlement is expected in late July 2023, with Cromwell’s Italian team set to continue to manage the portfolio. Located in northern Italy, near key cities of Milan, Turin, Bologna and Verona, the seven logistics properties have a combined gross lettable area of 46K sqm and are fully let to DHL on long-term leases with an overall portfolio WALT of 7.8 years.
Two of the seven logistics centres are very new, built to modern and technologically advanced specifications, while the other five properties are fully compliant with DHL’s high standards having been occupied by DHL since their development. The assets are used by DHL’s Supply Chain, Express and Global Forwarding divisions, providing the portfolio income diversification and protection across business cycles.
Commenting on the sale, Lorenzo Caroleo, Head of Italy at Cromwell, said: “Having owned and managed this portfolio since 2020, we have an excellent understanding of the assets, the occupier, and the demand for these types of assets across the north of Italy. The joint venture with Value Partners would allow us to grow this portfolio with selective acquisitions of urban / last mile logistics assets, leased to occupiers with strong covenants, that are located near the major urban hubs in Italy and other cities in Europe.”
Source : Cromwell