Cromwell Property Group, the ASX listed REIT, has announced a global rebrand, signalling the completion of the process to integrate Valad Europe into the wider group.
Since acquiring the European investment manager in 2015, Cromwell has clearly indicated its commitment to grow the business and assets under management with the addition of several new mandates and the launch of the Cromwell European Cities Income Fund (CECIF), the Group’s first European open-ended institutional core fund. The enlarged group now provides investors from across the globe with access to a much broader range of real estate investment strategies ranging from Core to Core+ and Opportunistic.
David Kirkby, CEO, Europe, Cromwell Property Group, commented: “Our additional scale, geographic spread and access to capital as part of Cromwell, combined with our European track record of creating value and delivering superior risk-weighted returns throughout the real estate investment cycle, has enhanced our ability to partner with institutional investors from around the world.
“At the heart of our European business remains our skilled teams of local real estate professionals, dedicated to sourcing and executing smart investment and asset management deals on behalf of our clients. It is this unique corporate and individual knowledge that is integral to defining our bottom-up approach to investment and is key to defining our ‘House View’ of the most compelling investment opportunities in Europe.”
Karol Pilniewicz, Head of CEE, Cromwell Property Group, commented: “Following an intense 12 month period during which we completed seven office acquisitions in Poland, leased circa 280,000 sqm of GLA in CEE region within the office, retail and logistic sectors, undertook a €540 million refinancing and commenced major extensions at Janki and Galerie Butovice shopping centres, the CEE business is excited about continuing the momentum under the Cromwell Property Group brand. While Poland and the Czech Republic remain the most important and well-known real estate markets in the region, we are also seeing some interesting value-add investment opportunities emerge in the Hungarian and Romanian markets.”
Cromwell’s European funds management platform manages €3.3 billion of real estate assets and investment capacity in both funds and mandates. The platform covers approximately 270 assets and 2,900 tenants, managed by local teams totalling around 180 people in 21 offices and 13 European countries.
