The manager of Cromwell European REIT (CEREIT) has commenced its first €15 million ($22.0 million) logistics development in Czech Republic with four leases secured for approximately 40% of the new warehousing development, including two pre-leases for two of the five new units.
The development spans over 25,600 sqm in the country’s Lovosice ONE Industrial Park I and II.
The leases have been secured with the REIT’s new and existing tenant-customers. They are AutoMax, an importer and distributor of car oils, lubricants and auto parts focused on the Czech Republic and Slovak markets; Fiege, a subsidiary of German-headquartered Fiege Group, one of the leading 3PL and transport service providers in Europe; Lorenc Logistics s.r.o., a Czech-Republic-based international transportation company; and CTE Cargo s.r.o, a provider of logistics, e-commerce and warehousing services, customs clearance and last-mile delivery between China and Europe.
