Cromwell signs €500m logistics partnership with Linkcity
Cromwell Property Group has entered into a strategic partnership with Linkcity, member of Bouygues Construction, a global construction company, to invest in the rollout of a portfolio of logistics and light industrial assets in Central and Eastern Europe.
The portfolio is targeting an eventual gross asset value of €500 million ($599 million) and assets representing more than 25 percent of the portfolio (by value) have already been identified. The first asset is an 86,000-sqaure-foot logistics building. Located just over 60 miles east of Prague, in the Czech Republic, it is already 88 percent pre-let and due to complete during the third quarter 2018.
The larger second and third assets, covering a combined 1.9 million square feet, are currently also seeking pre-let commitments.
Bouygues affiliate companies, Linkcity and VCES, will be responsible for the project development, design and construction of the portfolio, while Cromwell will source investment funding and subsequently provide asset management services upon the completion of each project.
“We have identified a significant investment opportunity in Central and Eastern Europe, where we believe there will be a range of future economic, infrastructure and other growth opportunities,”said Simon Garing, Cromwell chief capital officer.
