Korean investor with JV acquires DHL logistics portfolio for €51m

Cromwell Property Group, in partnership with Korean real estate investment manager, IGIS Asset Management, has announced the settlement of seven DHL logistics assets in Italy for €51 million ($60 million). This will be funded by a new five-year loan facility of €29.8 million ($35 million), secured at the property level, along with IGIS equity commitments and drawdown of existing CMW facilities.

Located in northern Italy, the wealthiest area of the country, near the cities of Milan, Turin, Bologna and Verona, the seven properties are fully let to DHL on long-term leases. Two of the seven logistics centers are brand new and built to modern and technologically advanced specifications, while the other five properties are fully compliant with DHL’s high standards, having been occupied by DHL since their development.

Rob Percy, Cromwell’s CIO, said: “In accordance with our ‘Invest to Manage’ strategy, we will look to use these assets to seed our upcoming Cromwe