Cromwell Property’s Polish retail real estate fund has sold assets to Star Capital Finance for €285m.
ASX-listed Cromwell said the 219,000sqm portfolio, which was sold on behalf of the Cromwell Polish Retail Fund (CPRF), includes rights in six shopping centres, comprising Janki in Warsaw, Kometa in Toruń, Korona in Wrocław, Tulipan in Łódź, Ster in Szczecin and Rondo in Bydgoszcz.
CPRF acquired the portfolio in 2019 and implemented asset management initiatives across the properties to help improve occupancy and footfall levels.
The portfolio is more than 95% occupied.
Cromwell said it will continue to act as asset manager of the shopping centres on behalf of Star Capital Finance.
Josef Malir, managing director at Star Capital Finance, said: “We have bought a high-quality portfolio of shopping centres with a great potential for further development. Entering the Polish market is a milestone and a huge challenge for us, which we intend to take full advantage of.
”We would like to thank all our partners who assisted us to make one of the largest real estate transactions of the CEE region a reality.”
Andrew Creighton, the head of investment management in Europe at Cromwell Property, said: “This sale concludes our strategy to sell these assets to achieve our strategic target of being a capital-light fund manager, with our asset management programmes successfully boosting the performance of each shopping centre and notably enhancing the sustainability credentials of the portfolio.
“We are looking forward to continuing to execute our ambitious investment strategies across Europe, focusing on strategically located, high-quality assets with excellent sustainability features.”
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