Cromwell swoops on strategic Italian shed

The fully-let freehold logistics asset is located in the strategic location of Mira, greater Venice, Veneto, one of the wealthiest regions in Northern Italy and a major manufacturing hub.

The asset is a freehold, light industrial / logistics warehouse occupying a site area of 48,000 m2. The asset consists of a 28,000 m2 warehouse with an external area of approximately 21,000 m2.

The warehouse is supported by 21 loading bays and an extensive automated system for goods storage and preparation. The built-to-suit asset is leased long term to its original tenant Reckitt Benckiser Group, a multinational consumer goods company.

Lorenzo Caroleo, head of Italy at Cromwell Property Group, said: 'We are delighted to have secured such a highly attractive off-market asset on behalf of CEREIT and to welcome Reckitt Benckiser Group to our tenant-customer roster.

'During the last 12 months Cromwell has been a very active player in the local logistics market, securing first the DHL portfolio with the intention to seed its European logistics fund, then a logistics park in central Italy on behalf of CEREIT and now the asset in Mira. We expect to remain very active in the coming months as well, deploying capital in the sector as the opportunities materialise.'

CEO of the manager of CEREIT, Simon Garing, said: 'I am delighted that Cromwell’s on the ground transaction team has secured for CEREIT yet another valuable off-market opportunity at an accretive 6.5% NOI yield, underpinned by a long lease.

'The team continue to demonstrate their superior sourcing capabilities, particularly in well-located large light industrial and logistics parks deals with relatively low risk characteristics, at attractive yields and at discount to valuations.

'This is CEREIT’s third Italian light industrial/logistics asset in Italy, which further builds CEREIT’s light industrial/logistics scale in Italy.'