Cromwell EREIT secures 40% pre-leases for its logistic development in Czech Republic

The biggest lessor was car oil importer and distributor, AutoMax Group.

About 40% of Cromwell European Real Estate Investment Trust's (CEREIT) logistics development at Lovisice ONE Industrial Park I has been pre-leased to four lessors, its manager, Cromwell EREIT Management Pte. Ltd., said in a bourse filing.

According to the manager, the largest lessor was AutoMax Group s.r.o, an importer and distributor of car oils, lubricants and auto parts focused on the Czech Republic and Slovak markets, leasing 13,266 sqm of the existing warehouse space which includes an additional mezzanine 800 sqm floor to be constructed for six years beginning June 2023.

The second lessor was 3PL and transport service provider, Fiege s.r.o., which is also a current tenant-customer. The company will occupy two of the five new units to be constructed on the north-eastern part of the site of Lovosice ONE Industrial Park I which is equivalent to 5,362 sqm of logistics space. The space will be leased for five years starting 1 October 2023.

The Czech Republic-based international transportation company, Lorenc Logistics s.r.o., also leased 2,611 sqm of space with CEREIT for five years beginning November 2022.

Lastly, the CEREIT was also able to secure a deal with existing tenant customer CTE Cargo s.r.o. to extend its lease e for 4,417 sqm of space.

CEREIT's manager said it is also in discussions with two more companies who are expected to take over 5,500 sqm in total for the remaining space of ~9,000 sqm.

Lovosice ONE Industrial Park I is the first half of CEREIT's €15 m two-phase development project in the Czech Republic and would also be the REIT's first-ever greenfield logistics development.

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