London, Friday, 16 December 2022
A 55,000m2 modern grade A logistics warehouse will be built in Bari, Southern Italy, thanks to a joint investment by Cromwell Property Group and Bain Capital Special Situations. This is the first of a number of planned initiatives by the two companies to capitalise on the Italian market's growing lack of supply of logistics assets, which is predicted to get worse in the long term as many institutions take a wait-and-see approach to growth due to economic uncertainties.
The asset will be developed on a 120,000m2 plot of land in Modugno, the industrial and logistics agglomerate situated on the outskirts of Bari, an Adriatic port in the region of Apulia. It is designed to meet all contemporary grade A logistics standards and has the flexibility to accommodate up to four occupiers.
Cromwell anticipates having the majority of the asset leased by the commencement of construction in the first quarter of 2023, having already received early interest to lease more than three times the anticipated gross lettable area.
(Research and report by: The Decision Maker - Real Estate editors)