Cromwell European REIT invests €80m in two Polish office buildings
Cromwell European Real Estate Investment Trust (CEREIT) has invested €80m to buy two fully-let office buildings in Kraków, Poland from Brassa SP.
The real estate investment trust has acquired the fully-let 22,954sqm Green Office building in Krakowski Park Technologiczny Special Economic Zone for €52.2m and the 11,341sqm Avatar office asset for €27.8m.
CEREIT said the properties will be managed by its sponsor, Cromwell Property Group, through its integrated European investment management platform.
Karol Pilniewicz, head of CEE at Cromwell, said these buildings complement the CEREIT portfolio, being fully occupied assets with stable income.
“Located in Krakow, one of Poland’s major cities with some of the best infrastructure in the country, they are well placed to benefit from the country’s favourable economic conditions and robust office market.
“Poland’s office property market currently offers more attractive yield spreads compared to those available in many other European countries as the persistent supply‑demand imbalance puts upward pressure on rents for quality space.”