Martley Capital has completed the sale of two warehouse assets in Croatia from its Central European Value Add Fund, CEREF.
The assets, known as Logistics Centre Vetel and Koledovcina 2, provide a total of 21,160sqm and are multi-let to a combination of local and national tenants. They are located on the outskirts of Zagreb.
Since acquiring the assets in 2021 Martley Capital has focused on a number of asset management initiatives, including the re-gearing of leases and completing new lettings, to increase rental income.
The assets were sold to local investors, with both purchasers being well-established Croatian companies, Martley said.
Martley will remain as both property and asset manager, enabling the team to continue the asset management programme on both assets to maximise value.
Mirta Ceranac Poljak, managing director of the Martley Capital Croatian office, said. “We are very pleased to have completed the sale of two properties, being the part of our second Central European Fund, CEREF II, launched in 2021. The performance of the assets and successful sales is a result of our expertise and strong commitment to the value growth and delivering the returns for our investors.
“In addition, with Martley’s team remaining the asset manager for both properties, the Croatian asset management platform benefits from strong recognition by the local investment community, which bodes well for future growth and further development and professionalisation of the Croatian investment market.”
Martley said it intends to deploy further capital in the Central European industrial and logistics market and is currently building a pipeline on behalf of investors.
This is alongside Martley’s other strategies that typically have an opportunistic and value-add focus, covering credit and direct real estate, taking advantage of the current dislocation in the real estate markets.
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