Cromwell European REIT buys three Polish offices for €69.3m
Cromwell European Real Estate Investment Trust (CEREIT) has acquired three offices in Poland for €69.3m.
They will be managed by CEREIT’s sponsor, Cromwell Property Group, through its European investment and asset management platform.
With a total lettable area of 34,496sqm, two properties are located close to the central business district in Warsaw and the other is in Gdansk, one of the largest urban centres in Poland.
Riverside is a multi-let office property in Warsaw, let to 16 tenants including RMF FM, Interia, Tchibo, FlixBus and Travelist. Grojecka 5 is also an office building in Warsaw, let to 16 tenants including PKO BP Group and icon.
In Gdansk, the Arkonska Business Park is an office building let to nine tenants, including Bank Zachodni WBK, Assa Abloy Mercor and C-Map Poland.
Karol Pilniewicz, head of CEE at Cromwell Property Group, said: “GDP in Poland grew by 4.6% last year, significantly outperforming the average eurozone rate of 2.5%.
“With a healthy labour market and low unemployment driving domestic demand for office property, we’re seeing some interesting investment opportunities emerging in the major urban centres like Warsaw or Prague.”
CEREIT is a real estate investment trust with a portfolio of 97 properties – primarily office, light industrial and logistics, and retail – in Denmark, Finland, France, Germany, Italy, the Netherlands, and Poland, valued at €1.8bn.