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Cromwell completes CPRF buy-out

Rafał Ostrowski 08 November 2019

Rafał Ostrowski


+48 22 356 25 11

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

POLAND Cromwell Property Group has announced today that it has completed the acquisition of all third party investor interests in the Cromwell Polish Retail Fund, which comprises comprise seven Polish shopping centres with a gross asset value of around EUR 600 mln.

This move represents another important step in implementing our ‘invest to manage’ strategy, whereby Cromwell invests capital to acquire or improve assets, and then creates new long-term funds with its network of capital partners,” says Mark McLaughlin, Managing Director Europe, at Cromwell Property Group.

CPRF contains seven shopping centres, which are all dominant in their catchment areas and have a gross asset value of around EUR 600 mln. Together, their occupancy rate comes to 96.3 pct with a weighted average lease term (WALT) of 5.1 years. In August 2019, Cromwell opened a 21,000 sqm extension to the Janki Shopping Centre in Warsaw in an investment of EUR 65 mln, which also entailed a refurbishment of the mall.

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