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Cromwell makes Italian acquisition

Cromwell Property Group announced an off-market acquisition of Centro Logistico Orlando Marconi (CLOM), an intermodal logistics park located in Italy, for the Cromwell European REIT (CEREIT).

Cromwell said the park contains net lettable area totalling 156,888 sqm and is located on a 421,703 sqm site.

Cromwell's European head of investment, Robert Cotterell said the logistics sector has strong and enduring characteristics.

"COVID-19 has impacted consumer behaviour and we believe it has pulled future e-commerce and online growth forward, giving impetus to the broader sector," Cotterell said.

"Our on-the-ground country teams ably supported by our multi-jurisdictional platform experts can source and structure opportunities to meet the bespoke requirements of any investor."

Lorenzo Caroleo, Cromwell's head of Italy, said the general uncertainty in the word right now favours investors which are agile and have a flexible capital structure.

"The park is well let to strong tenants while the location offers growth prospects thanks to the great accessibility and the presence of many manufacturing companies in that area of Central Italy," Caroleo said.

"Just a couple of months after the successful acquisition of the DHL portfolio, this transaction confirms the ability of our local team to identify the right investments for our capital partners. We will continue to deploy capital as the opportunities arise."

The asset is over 99% leased to a diverse tenant-customer base consisting of 24 different occupiers and is the largest logistics hub in one of Italy's key trade corridors, Cromwell said.

Read more: Cromwell Property GroupCentro Logistico Orlando MarconiCromwell European REITLorenzo CaroleoRobert Cotterell
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