Cromwell Property Group is understood to be preparing the launch of a European logistics property fund, targeting a size of €400-500 mln.
The vehicle, Cromwell European Logistics Fund, is expected to be formally announced early next year. It will have a core-plus risk-return investment profile and will focus primarily on investments in the Benelux, France, Germany and Italy.
The Cromwell European Logistics Fund will be seeded with a portfolio of seven DHL logistics assets in Italy bought by Cromwell earlier this month for €52 mln. Located in northern Italy, the wealthiest area of the country, near the cities of Milan, Turin, Bologna and Verona, the seven properties are fully let to DHL on long-term leases with an overall portfolio weighted average lease term of 16 years.
Two of the seven assets are brand new and built to modern and technologically advanced specifications, while the other five are fully compliant with DHL’s high standards, having been occupied by DHL since their development.
