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Cromwell to build logistics portfolio with Bouygues

Rafał Ostrowski 14 May 2018

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

Cromwell to build logistics portfolio with Bouygues
Cromwell’s Managing Director for Europe, Mark McLaughlin
CEE REGION Cromwell Property Group has signed a partnership agreement with Linkcity, the development arm of Bouygues Construction, to create a EUR 500 mln portfolio of premium logistics and light industrial assets in Central and Eastern Europe.
Cromwell will source investment funding and provide asset management services, while Linkcity and VCES (another Bouygues affiliate), will be responsible for project development, design and construction of the assets within the portfolio. “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 fund management business. It is also an endorsement of our ability to offer international capital partners with investment opportunities in key sectors across Europe,” said Simon Garing, Cromwell Chief Capital Officer. Assets representing more than 25 pct of the portfolio (by value) have already been identified. The first asset is an 8,000 sqm logistics building over 100 km east of Prague, in the Czech Republic. The park is already 88 pct pre-leased and due for completion in Q3 2018. The second and third largest assets, covering a combined area of 180,000 sqm, are currently also at the pre-lease stage The larger second and third assets, covering a combined 180,000 sqm, are currently also seeking pre-let commitment. “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,” says David Labardin, the CEO of Linkcity Czech Republic.

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