ASX-listed Cromwell Property Group and Linkcity agreed to a partnership that will invest in the rollout of a portfolio of logistics and light industrial assets in Central and Eastern Europe, with the portfolio aiming for a final gross asset value of €500 million, IPE Real Assets reported.

Linkcity is a member of Bouygues Construction, the construction arm of industrial group Bouygues SA.

The partnership has identified over 25% of its portfolio, and the first asset is an 8,000-square-meter logistics building in Prague that is already 88% pre-let and due to complete in the third quarter. The second and third assets, which encompass a total area of 180,000 square meters, are also seeking pre-let commitments, according to the report.

Bouygues unit VCES and Linkcity will oversee project development, design and construction of the portfolio, while Cromwell will source investment financing and will provide asset management services upon completion of each project.