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Cromwell sells Warsaw Corporate Center

Alex Hayes 02 February 2018

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Cromwell sells Warsaw Corporate Center
Warsaw Corporate Center (right) was originally developed by Golub GetHouse

POLAND Cromwell Property Group has sold the Warsaw Corporate Center to Raiffeisen Immobilien Kapitalanlage-Gesellschaft (Raiffeisen Capital Management) for EUR 27.8 mln.

In the two-year period since acquiring the office building for the Cromwell Central Europe Retail Partnership (CCERP), Cromwell has generated an internal rate of return of more than 21 pct for investors. Cromwell’s asset management plan, which included a significant refurbishment and a subsequent leasing programme, has helped raise occupancy from 80 pct to over 95 pct with current tenants that include Danske Bank and Mbank. Developed in 1997, the Warsaw Corporate Center is a prominent, nine-storey 8,628 sqm office building incorporating ground-floor retail, located in the centre of Warsaw, close to the Marriott Hotel and Central Station.

Karol Pilniewicz, the CEE director of Cromwell Property Group, has commented on the transaction: “The sale of the Warsaw Corporate Center with significantly improved occupation marks a smart turn-around of a well-located city centre office asset over a two-year period. We are currently experiencing strong demand from international investors looking to deploy value-add capital in the CEE region, with a particular focus on Polish and Czech real estate.”

Dentons represented Cromwell Property Group for the sale. CCERP was launched in 2014 with EUR 200 mln of equity to invest in value-add retail and office assets in Central Europe, with a focus in Poland and the Czech Republic. Warsaw Corporate Center was originally developed by Golub GetHouse. It was acquired from German investment manager MEAG by Valad Europe in 2016. Valad had been previously bought out by Cromwell and has since been fully-integrated into its structures.


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