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Name of the deal
PROJECT EAGLE
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Information about the transaction
The Eagle portfolio of 6 shopping centers in Poland: Janki Warsaw (68.200 sqm), Ster Szczecin (37.500 sqm), Rondo Bydgoszcz (31.500 sqm), Kometa Torun (18.500 sqm), Korona Wroclaw (40.500 sqm), Tulipan Lodz (23.600 sqm). The total GLA is over 219 000 sqm.
All of the assets were built in 1999, some of the redeveloped or refurbished in 2019, resp. 2013. Top tenants are Auchan, LPP group, Inditex group, Rossmann or CCC. |
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The date of closing the deal
15.05.2024
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Value of the transaction (in EUR)
285000000
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Yield
11%
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Seller, plus brief information about the company
Cromwell Property Group is a listed entity (ASX:CMW).
Cromwell Property Group (ASX:CMW) is a real estate investor and funds manager with $11.0 billion of assets under management in Australia, New Zealand and Europe, with a market capitalisation of approximately $1.0 billion at 30 June 2024. |
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Consultancy which advised Seller
JLL, BNP Paribas RE, Greenberg Traurig, PwC Polska and CBRE Project Management & Building Consultancy advised Cromwell Property Group on this transaction.
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Purchaser, plus brief information about the company
Start Capital Finance focuses on real estate investment, asset and property management and investment advisory services in Central Europe.
It primarily targets commercial real estate, specifically retail properties and offices. |
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Consultancy which advised Purchaser
Savills, Sierra Balmain, Cushman & Wakefield, Dentons, BDO Legal, ASB Poland, GLEEDS, CBRE.
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Financing institution
Aareal Bank, J&T Bank
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Current occupancy level
96
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Please say why this deal should be considered for the award
At the time of the acquisition, it was one of the largest retail real estate transactions in Central Europe in recent years. The transaction also took place at a time of high interest rates, uncertainty and a very inactive market.
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