Real estate investment management group Cromwell Property has sealed a strategic partnership with Linkcity, a member of Bouygues Construction to invest in the rollout of a portfolio of logistics and light industrial assets across central and eastern Europe.
The portfolio targets an eventual gross asset value of 500 million euros and includes logistics centres close to major cities in the Czech Republic, Slovakia and Poland.
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. Linkcity is the development arm of Bouygues Construction focusing on the design, construction, financing and maintenance of commercial real estate in eight countries of western and central Europe (the Czech Republic, France, Great Britain, Spain, Switzerland, Poland, Romania, Slovakia) as well as Morocco.
Cromwell’s managing director for Europe, Mark McLaughlin, said: “We are delighted to partner with an experienced developer of the calibre of Bouygues to create a portfolio of premium logistics and light industrial assets that are already in demand from transport and e-commerce related occupiers.”
Simon Garing, Cromwell Chief Capital Officer, added: “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.
“This partnership is another step forward for our funds management business. It is also an endorsement of our ability to offer international capital partners with investment opportunities in key sectors across Europe.”
David Labardin, CEO of Linkcity Czech Republic, said: “This is a great opportunity to combine our development expertise in international, Czech, and Slovak markets with a strong investor partner who has an excellent track record of managing assets across Europe. LiNK Hradec Kralove is just the beginning with further projects located in close proximity to the main cities in the Czech Republic, Slovakia and Poland.”