Cromwell Property Group has recently completed the acquisition of six fully-let light industrial and logistics assets totalling €126.1m and 192,112m² of gross lettable area across Germany, Italy, the Netherlands and the UK.
Last refurbished in 2021, ABB is a 63,221m² freehold, light industrial / logistics asset located 25 kilometres west of Milan’s city centre. The asset is situated on a 99,760m² 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.
Comprising two buildings with 44,644m² total lettable area on a 74,533m² 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 is a 18,887m² freehold, light industrial business park consisting of two buildings on a 23,328m² 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 is 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 41,611m² asset is situated on a 135,820m² 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 is a 15,111m² 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 21,913m² 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 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 8,638m² of primary warehouse and supporting office space, situated on 14,139m² 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.”
