Real estate investor and fund manager, Cromwell Property Group (Cromwell) has completed the acquisition of six fully-let light industrial and logistics assets totalling €126.1 mln and 192,112 m2 of gross lettable area across Germany, Italy, the Netherlands and the UK.
The purchases were made on behalf of Cromwell European REIT (CEREIT).
Robert Cotterell, head of investments, Europe and Head of UK at Cromwell Property Group, said: ‘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.’
In Italy, Cromwell bought ABB, a 63,221 m2 freehold, light industrial / logistics asset located 25 kilometres west of Milan’s city centre and the Bialetti headquarters in Coccaglio, Brescia, comprising two buildings with 44,644 m2 total lettable area on a 74,533 sqm site.
In Germany, it bought Saalepark Jena, a 18,887 m2 freehold, light industrial business park consisting of two buildings on a 23,328 m2 site. In the UK it acquire Thorn, a freehold light industrial / logistics asset, located in the north-east of England, while in the Netherlands it bought ‘s-Heerenberg, a 15,111 m2 freehold logistics asset, strategically located at the Dutch-German border, and a freehold logistics asset, situated at the Katsbogten industrial park within the prime logistics region of Tilburg-Waalwijk.
