Real estate investor and manager, Cromwell Property Group, has acquired an intermodal logistics park in Ascoli Piceno in Italy from the Marconi family.
Financial details were not disclosed.
The off-market deal was struck by Cromwell Ereit Management, the manager of Cereit.
Centro Logistico Orlando Marconi (CLOM) comprises a net lettable area of 156,888 m2 and is located on a 421,703 m2 site. Constructed in stages between 1995 and 2006, the asset includes nine warehouses, of which 18,000 m2 is cold storage, plus an office building.
The plot also contains a railway line with four tracks, each approximately 1 km long, with direct loading platforms and a freight terminal connected to the national railway service.
Cromwell’s head of investment, Europe, Robert Cotterell, said: 'Logistics is a sector we think has strong and enduring characteristics and we are seeing opportunities in most of the countries in which we operate.
'Covid-19 has impacted consumer behaviour and we believe it has pulled future e-commerce and online growth forward, giving impetus to the broader sector.'
Lorenzo Caroleo, Cromwell’s head of Italy, added: 'The park is well let to strong tenants while the location offers growth prospects thanks to the great accessibility and the presence of many manufacturing companies in that area of Central Italy.'
Situated in the municipality of Ascoli Piceno, CLOM is located in Monteprandone in central Italy, along the eastern coast. The asset is over 99% leased to a diverse tenant-customer base consisting of 24 different occupiers and is the largest logistics hub in one of Italy’s key trade corridors.
Orlando Sciocchetti, asset manager of the park and part of the owning family, commented: 'CLOM’s roots go deep into our family’s entrepreneurial history, specifically of my grandfather Orlando Marconi, of whom the park bears the name.
'We are very glad to have encountered such a top flight and very experienced counterpart such as Cromwell, who we are confident will ensure continuity and at the same time will be able to further develop the park to prepare it for future challenges in the national logistics environment.'
Cushman & Wakefield advised Cromwell Property Group on the acquisition. DLA Piper acted as legal advisor, while Reaas acted as technical advisor.
The Marconi family was advised by Ethica Corporate Finance as financial advisor, and by Orrick as legal counsel.
