Cromwell European Real Estate Investment Trust (“CEREIT”) has acquired three offices in Poland for €69.38 million (comprising the purchase consideration for the properties of €68.81 million and professional and other fees and expenses of €0.57 million). The three office properties represent 4.0 percent of CEREIT’s portfolio as of 14 February 2019. The properties will be managed by CEREIT’s sponsor, Cromwell Property Group, through its integrated European investment asset management platform.
With a total lettable area of 34,496 sqm, 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 in Europe, commented: “Our team in Poland has a long track record of acquiring and managing investment opportunities like this portfolio of three offices in Poland. GDP in Poland grew by 4.6 percent last year, significantly outperforming the average Eurozone rate of 2.5 percent. 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 used primarily for office, light industrial / logistics, and retail purposes, in Denmark, Finland, France, Germany, Italy, the Netherlands, as well as Poland. CEREIT’s portfolio has an aggregate lettable area of approximately 1.4 million sqm and has an appraised value of approximately €1,795 million as at 14 February 2019.
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