Cromwell to manage Finnish logistics portfolio

Real estate investor and fund manager Cromwell Property Group (ASX:CMW) (Cromwell or Group) has been appointed manager of a portfolio of five logistics assets in Finland acquired by Goldman Sachs from Inmark Asset Management.

Leased to Posti Group Corporation, the state-owned delivery and fulfilment company with operations in Finland, Sweden and the broader Baltic region, the assets comprise at total of 134,000 sqm of space located in the dominant cities of Tuusula (part of the Helsinki metropolitan area), Tampere, Pirkkala, Oulu and Kuopio.

Commenting on the acquisitions, Pontus Flemme Gärdsell, Head of Northern Europe at Cromwell Property Group, said: “Leased to a strong covenant, these assets provide an excellent investment opportunity in the Nordic logistics market. We anticipate more transactional activity this year in Finland as inflation continues to come down and we have a better understanding of the impact of the ongoing war in Ukraine.”

Over the past 12 months, we have seen a heightened interest from overseas investors in well located assets in this sector across Finland.”

The Nordics represents one of Europe’s most established markets for logistics assets and is supported by strong operating fundamentals, including resilient demand, limited supply, and low vacancy rates. Cromwell manages more than €350 million of assets across Finland, Sweden and Denmark.