Real estate investor and fund manager, Cromwell Property Group (Cromwell) has recently completed, on behalf of Cromwell European REIT (CEREIT), the acquisition of six fully-let light industrial and logistics assets totalling €126.1 million and 192,112 sqm of gross lettable area across Germany, Italy, the Netherlands and the UK.
ABB, Vittuone, Milan, Italy
Last refurbished in 2021, ABB is a 63,221 sqm freehold, light industrial / logistics asset located 25 kilometres west of Milan’s city centre. The asset is situated on a 99,760 sqm site with future redevelopment potential for urban logistics use.
ABB is close to the A4 Turin-Trieste motorway, which runs through Milan and Venice, and within a 2.5 km radius of Vittuone’s northern urban area and Arluno’s southern urban area. It is fully let to ABB, a Fortune 500 company, on a ‘full repair’ lease with a no break option contract.
Bialetti Headquarters, Coccaglio, Brescia, Italy
Comprising two buildings with 44,644 sqm total lettable area on a 74,533 sqm site, this freehold light industrial / logistics asset sits approximately 72 kilometres east of Milan and within the Lombardy region, one of Italy’s wealthiest and most industrialised regions.
The asset’s quality standard is comparable to a modern grade A warehouse, with 12 loading doors and a large car park with approximately 360 public and private parking spaces. The asset is occupied by Bialetti Industrie SpA, a leading Italian coffee and houseware products group that is widely known as the inventor of the ‘Moka Espresso’ coffeemaker, on a long-term 12 year lease.
Saalepark Jena, Löbstedter Str. 101 – 109, Germany
Saalepark Jena is a 18,887 sqm freehold, light industrial business park consisting of two buildings on a 23,328 sqm site. It is situated within an established commercial area and is well served by the B88 federal highway, which connects to the B7 federal road, the A4 motorway and the A9 north-south motorway.
The well-maintained asset was constructed between 1993 and 1994 with partial refurbishments conducted progressively from 2014 to 2020. It is currently fully let to 13 tenant-customers, most of whom are well-established names who operate in the life sciences, medical and industrial equipment industries, as well as the precision engineering and biotechnology space.
Thorn, Spennymoor, Durham, UK
Thornis a freehold light industrial / logistics asset, located in the north-east of England, within a well-developed industrial area and nearby other mega logistics and fulfilment centres. It is served by the A1, the main motorway linking the north and south of the UK.
The 41,611 sqm asset is situated on a 135,820 sqm site, with good opportunities for future redevelopment due to the low site coverage. It is fully-let on a long term basis to Thorn Lighting, one of the leading global suppliers of integral lighting solutions.
‘s-Heerenberg, The Netherlands
s-Heerenberg is a 15,111 sqm freehold logistics asset, strategically located at the Dutch-German border, beside the Netherlands’ A12 highway, one of the main logistics corridors into Germany.
The fully-let asset is situated on 21,913 sqm of freehold land with substantial renovations were undertaken in 2019. It is fully-leased to Kleertjies.com B.V., one of the largest e-commerce operators in the Netherlands.
Tilburg, The Netherlands
Tilburg is a freehold logistics asset, situated at the Katsbogten industrial park within the prime logistics region of Tilburg-Waalwijk. It is strategically located at the entrance of the A58 highway providing strong accessibility to the Rotterdam / Antwerp and Eindhoven economic zones.
The asset, fully-let to a well-established shoe and fashion manufacturer, was built in two phases in 2012 and 2019 and consists of 8,638 sqm of primary warehouse and supporting office space, situated on 14,139 sqm of freehold land.
Robert Cotterell, Head of Investments, Europe and Head of UK at Cromwell Property Group, 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.”