Cromwell Property Group, Bain Capital to develop logistics warehouse in southern Italy

Real estate investor and fund manager Cromwell Property Group will co-invest with Bain Capital Special Situations, a leading global special situations investor with experience supporting differentiated real estate platforms, to develop a 55,000-square-meter (592,000-square-foot) modern class A logistics warehouse in Bari in southern Italy.

This is the first in a series of planned developments by the two firms aiming to take advantage of the increasing shortage of supply of logistics assets in the Italian market, which is expected to deteriorate further in the medium term as many institutions adopt a wait-and-see approach to development as a result of economic uncertainty.

Designed to meet all modern grade A logistics standards and with the flexibility to accommodate up to four occupiers, the asset will be developed on a 120,000-square-meter (1.3-million-square-foot) plot of land in Modugno, the industrial and logistics agglomerate located on the outskirts of Bari, an A