Cromwell Property Group enters JV with Hong Kong-based asset manager Value Partners Group

Cromwell Property Group has entered a joint venture with Hong Kong-based asset manager Value Partners Group, exchanging on the sale of a 50 percent stake in the Cromwell Italy Urban Logistics Fund assets.

The seven properties that make up the fund are in Italy and are 100 percent leased to DHL.

Settlement is expected in late July, with Cromwell’s Italian team set to continue to manage the portfolio. Located in northern Italy, near Milan, Turin, Bologna and Verona, the seven logistics properties have a combined gross lettable area of 46,000 square meters (495,140 square feet) and are fully let to DHL on long-term leases with an overall portfolio weighted average lease term of 7.8 years.

Two of the seven logistics centers are relatively new and built to modern and technologically advanced specifications, while the other five properties are fully compliant with DHL’s standards, having been occupied by DHL since their development. The assets are used by DHL’s