Real estate investor and fund manager Cromwell Property Group (ASX:CMW) (Cromwell) and Bain Capital, one of the world’s leading private investment firms, have agreed one of the largest logistics letting transactions of the year in Italy.
MVN Industrial Solutions (MVN), a leading 5PL operator part of the MSC Group, has signed a lease agreement, which totals 52,440 sq m of logistics space, for the entire Pontedera Logistics development in the province of Pisa. MVN has signed a 14-year lease for the space prior to completion of the development, which is strategically located in central Italy along the Florence-Pisa-Livorno motorway, connecting Florence to the port of Livorno.
Pontedera Logistics is the first speculative development in the highly-sought-after Tuscany logistics market, a location characterised by an acute shortage of grade A space. It is part of a programme of speculative logistics developments in Italy being carried out by Cromwell and Bain Capital, which includes a 55,000 sq m facility in Bari nearing project completion, as well as an already identified pipeline. All developments are built with the highest sustainability credentials, targeting LEED Gold certification.
Source: Press release received on the 18th of December 2024.