Cromwell will sell a 50 per cent stake of its Italian logistics fund assets to Hong Kong-based asset manager Value Partners Group in a joint venture deal as it continues its broader transition towards being a “capital light” fund manager.

The sale of the logistics fund represents a premium to book value of 9.4 per cent after settlement adjustments. The sale proceeds will return $20.5 million of equity for reducing gearing initially, before Cromwell reinvests the capital.