Australian real estate investor Cromwell Property Group has continued its recent run of activity by selling Cestlice Business Park in Prague for €17.5 mln.

cestlice business park

Cestlice Business Park

The asset, located in the Pruhonice commercial zone, was part of the Cromwell European Industrial Fund (CEIF) portfolio. The property is fully let to national and international businesses including Potten & Pannen, Cummins, Fiat, Steilmann, Formica and Bizerba.

The deal follows the sale by Cromwell of an office building in Helsinki to Corpus Sireo for €28 mln and the purchase of a 27-storey office tower in Rotterdam for €47.6 mln, both announced this week.

Karol Pilniewicz, head of CEE for Cromwell Property Group, said: ‘Cestlice Business Park is a good example of an asset we took on three years ago with significant vacancy, subsequently transforming it into a fully occupied business park which is now home to 16 well-known businesses.

‘During the period, we improved net operating income by 15% and increased the weighted average unexpired lease term to six years.’

Cromwell manages €981 million of assets in the CEE region across six mandates in the office, retail, industrial and logistics sectors. Across Europe the company manages €4 bn worth of real estate across approximately 260 assets.