Cromwell Property has invested €126.1m on behalf of its European real estate investment trust to buy six industrial and logistics assets.
The Cromwell European REIT (CEREIT) has acquired the fully-let light industrial and logistics assets totalling 192,112sqm of gross lettable area across Germany, Italy, the Netherlands and the UK.
The assets include the 63,221sqm ABB light industrial/logistics asset in Vittuone in Milan and the Bialetti headquarters asset comprising two buildings in Coccaglio in Brescia in Italy.
The manager said CEREIT bought Saalepark Jena, an 18,887sqm light industrial business park consisting of two buildings at Löbstedter Str 101 – 109 in Germany.
In the UK, CEREIT bought Thorn, a 41,611sqm asset situated on a 135,820sqm site in Spennymoor in Durham.
The acquisitions in the Netherlands include s-Heerenberg, a 15,111sqm logistics asset located at the Dutch-German border, beside the Netherlands’ A12 highway and Tilburg, a logistics asset, situated at the Katsbogten industrial park within the logistics region of Tilburg-Waalwijk.
Robert Cotterell, the head of investments, Europe and head of UK at Cromwell Property, said: “To have recently completed the acquisitions of these six highly attractive light industrial/logistics properties on behalf of CEREIT in such a short timeframe, highlights the reach, efficiency and expertise of Cromwell’s pan-European platform and local on-the-ground teams.
”We continue to see considerable upside in the European light industrial / logistics sector, especially in assets like these with redevelopment and repositioning potential. Our platform looks forward to continuing to source these types of attractive and well-located assets with high-quality tenants for our investors across the European region.”
To read the latest edition of the latest IPE Real Assets magazine click here.