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Cromwell sells Čestlice Business Park for EUR 17.5 mln

Nathan North 14 June 2018

Nathan North

Deputy editor

+48 22 356 25 22

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

Cromwell sells Čestlice Business Park for EUR 17.5 mln
The warehousing and light industrial complex has a total area of 14,707 sqm
CZECH REPUBLIC Cromwell Property Group has sold the Čestlice Business Park in Prague-East for EUR 17.5 mln to an undisclosed buyer.
The asset was included in the Cromwell European Industrial Fund (CEIF) portfolio. The 14,707 sqm warehousing and light industrial complex is situated in the Průhonice Commercial Zone. It is fully leased to such tenants as Potten & Pannen, Cummins, Fiat, Steilmann, Formica and Bizerba.

Cromwell’s CEE director Karol Pilniewicz has commented on the deal: “Čestlice 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 pct and increased the weighted average unexpired lease term to six years.”

Cromwell currently manages EUR 981 mln sqm of office, retail and industrial assets across the CEE region. It also recently entered into a strategic partnership with Bouygues Construction subsidiary Linkcity to build a portfolio of logistics and light industrial assets in the CEE region with a target gross asset valuation of EUR 500 mln.

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