Asset Management

Cromwell operates a 'Tenant is King' philosophy when it comes to asset management, because we believe that good relationships are the foundation of a strong and sustainable business.

The primary goal of our French asset management team is to build long term, mutually beneficial relationships with our tenant customers.  This enables Cromwell to understand our tenants’ needs and flexibly meet their requirements. With approximately 23 assets in France, we are able to accommodate tenants in many different parts of the country.

Our asset managers also set bespoke annual business plans for all assets and continuously review progress of every asset, in line with our investment strategy. Budgets, forecasts, plans and performance reports are prepared in a transparent and consistent manner to ensure all assets are managed efficiently and that we effectively maximise investment performance through:

  • rent and service charge collection;
  • report on rent arrears, bailiff cases, rent indexation;
  • maintenance programmes and budgets;
  • lease compliance;
  • handover of units at lease start and finish;
  • information reporting to Asset Management; and
  • insurance.

Les Docks de Saint Ouen, Paris

Les Docks de Saint Ouen is a 73,619 sq m light industrial park with ancillary office space, easily accessible and located just 800 metres from the important access gateway into Paris, Porte de Saint Ouen. 

The asset forms part of the European High Income fund which is invested in multi-let light industrial assets in France, Germany, Denmark and the Netherlands. 

The asset is located in the heart of a 100 hectare regeneration site in Le Grand Paris, Ile de France. Extensive new office and residential development is being undertaken in the area and infrastructure improved, with the extension of the public transport Metro Line 14 expected to complete during 2019. 

Capitalising on the strong level of interest in the area as a result of the regeneration investment, the French asset management team has increased occupancy of the asset by 10% during a 10 month period and it is predicted that this will continue to prove popular given the ongoing transformation of the area.

Basso Combo, Toulouse

Basso Combo is a 7,835 sq m modern office building, built in 2007, which is located in Toulouse, the capital of the Midi-Pyrénées region. 

The asset forms part of the Cromwell European Diversified Fund which invests in Core Plus / Value Add assets in France, Germany and the UK. 

The asset formed part of the South West portfolio of assets which was purchased by the Fund in December 2014. The Building is leased to 3 different tenants backed by strong covenants. 

Upon acquisition, the French asset management team had a clear business plan to secure and regear the tenants’ short term leases and convert them into institutional grade longer term leases. In a little over one year, the business plan was successfully executed, creating an institutional product, with 100% occupancy and an increase in the weighted average lease expiry from 5.5 years to 6.74 years.