About This Fund
Cromwell Italy Urban Logistics Fund is a private real estate fund established in 2020 by Cromwell Property Group's European operations platform, focused exclusively on modern urban logistics assets in northern Italy. The fund was seeded with the acquisition of a portfolio of seven purpose-built logistics facilities, all situated in prime logistics submarkets within the key urban corridors of Milan, Turin, Bologna, and Verona. All seven properties are fully let to DHL under long-term leases, providing investors with a high-quality, income-generating logistics portfolio with a weighted average lease term (WALT) of 7.8 years at launch.
The fund pursues a core-plus investment strategy, targeting modern, single-tenanted urban logistics assets in supply-constrained Italian markets. The initial portfolio was acquired for approximately €52.5 million through a joint venture with IGIS Asset Management, which subsequently exited its position in 2021. By 2023, the portfolio's asset value had appreciated to approximately €55.8 million — a 9.4% gain on the original acquisition cost — reflecting strong underlying demand for last-mile and urban logistics real estate in Italy's major northern industrial corridors.
In 2023, Cromwell Property Group entered into a joint venture with Hong Kong-based Value Partners Group, selling a 50% stake in the fund's assets. In December 2024, Cromwell completed the sale of its broader European fund management platform to Stoneweg SA Group, including its remaining 50% interest in Cromwell Italy Urban Logistics Fund. The fund exemplifies the structural tailwind for high-quality urban logistics real estate driven by the growth of e-commerce, third-party logistics, and last-mile delivery infrastructure across Europe.