Paul Hastings is advising Value Partners Group, a Hong Kong-based asset management firm, in its acquisition of a 50% stake in the Cromwell Italy Urban Logistics Fund (the “Fund”) from Australia-based Cromwell Property Group (“Cromwell”) and the creation of a joint venture with Cromwell. This acquisition marks Value Partners Group’s first investment in Europe. 

The sale is based on a portfolio asset value of €55.8 million (US$60.8 million), which is approximately a 9.4% increase on Cromwell’s initial purchase price. The deal is expected to close in late July 2023, with Cromwell’s European operation team set to continue to manage the portfolio.

The Fund’s portfolio consists of seven logistics properties in northern Italy, near key transport hubs of Milan, Turin, Bologna, and Verona. The properties have a combined gross lettable area of 46 sq km and are fully let to DHL (Parent Company Deutsche Post DHL Group) on long-term leases with an overall portfolio WALT of 7.8 years.

Partner Vivian Lam is leading the Paul Hastings team, which also includes of counsel Jeff Lee and associate Alex Chan.

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